US deficit reaches record $1.4 trillion
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Friday, October 9, 2009
According to the US Congressional Budget Office (CBO), the US budget deficit reached a record $1.4 trillion in the fiscal year to September 30.
The deficit was about 9.9% of the country's GDP, over three times the level in 2008 and the highest since the Second World War ended. Economical analysts had initially predicted a deficit of $1.6 trillion.
The deficit was blamed on decreased tax revenues and higher government spending. The CBO also said on Wednesday that tax revenue dropped by 17%, or $420 billion, to its lowest level for over half a century.
The previous record deficit was in 2008, at $459 billion.
Sources
- "US deficit 'hits record $1.4tn'". BBC News, October 8, 2009
- "U.S. Deficit for 2009 Totals $1.4 Trillion, Budget Office Says". Bloomberg, October 8, 2009
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