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Saturday, April 11, 2009

US budget deficit nears USD one trillion: Treasury

The Times Of India

The US budget deficit accelerated in March to hit a record nearly one

trillion dollars in the first half of the current fiscal
year as the government moved to bail
out troubled institutions, government data showed.

The deficit for the first six months of the fiscal year which began on October 1 was $956.80 billion, said the Treasury's monthly statement of receipts and outlays.

Receipts during the six-month period to March 2009 were $989.83 billion while outlays amounted to nearly $1.95 trillion, the data showed yesterday.

The March deficit of $192.27 billion was higher than the $160 billion expected by most analysts, coming on the back of money poured by President Barack Obama's administration to rescue financial institutions.

All six months of the fiscal year so far recorded red ink. The last time the United States plunged into a consecutive six month deficit was during the October 2003-March 2004 period, officials said.

The non-partisan Congressional Budget Office (CBO) forecast last month the budget deficit could hit $1.845 trillion for the whole year based on Obama's 3.5-trillion-dollar budget plan approved by Congress early this month.



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