The United States set a rather ignominious record in the just-ended budget year:
WASHINGTON (AP) — Congressional analysts say the federal budget deficit tripled to a record $1.4 trillion for the 2009 fiscal year that ended last week.
The unprecedented flood of red ink flows from several factors, including a big drop in tax revenues due to the recession, $245 billion in emergency spending on the Wall Street bailout and the takeover of mortgage giants Fannie Mae and Freddie Mac. Then there is almost $200 billion in costs from President Barack Obama’s economic stimulus bill.
The previous record deficit was $459 billion and was set just last year.
Anyone want to take a guess what it will be a year from now ?
A trillion here, a trillion there, why its just chump change — $1.2 trillion is a good over/under for FY 2010.
U.S. Budget Deficit Hit Record $1.4 Trillion in 2009…
Author: Unknown (No name shown)
Source: Fox News
The previous record deficit was $459 billion and was set just last year.
AP
Wednesday, October 07, 2009
WASHINGTON — The federal budget deficit tripled to a record $1.4 trillion for the 2009 fiscal…