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U.S. deficit reaches more than US$1t

U.S. deficit reaches more than US$1t

The U.S. budget deficit reached more than US$1 trillion for the current fiscal year in June as the government wrestled with a prolonged recession, official data showed Monday.
Nine months into the 2009 fiscal year that ends Sept. 30, the budget deficit widened by US$94.316 billion in June to US$1.086 trillion, according to the Treasury's monthly statement of receipts and outlays.
The June deficit was slightly better than the US$97.0 billion most analysts had forecasted.
Receipts during the nine-month period to June amounted to US$1.588 trillion, eclipsed by outlays of US$2.675 trillion.
The nonpartisan Congressional Budget Office forecasts the budget deficit could hit US$1.845 trillion for the fiscal year based on President Barack Obama's administration's US$3.5-trillion budget plan, approved by Congress in early April.
The White House has penciled in a deficit of US$1.841 trillion.
On a monthly basis, the budget deficit has increased by record amounts since February as the world's largest economy reels from a brutal recession that began in December 2007.
Typically monthly reports are volatile as revenue and spending fluctuate.
June is traditionally a month of budget surplus, but as in the preceding months, the federal budget was under pressure from a decline in tax revenues and an increase in stimulus and social spending as unemployment and health insurance benefit costs surge.


Updated : 2021-10-21 11:18 GMT+08:00