Budget deficit triples to $957 billion for year

[Pale Blue Dot]

Source: Marketwatch

The U.S. federal budget deficit rose to a record $956.8 billion in the first six months of the fiscal year after the government stepped up spending to cope with a recession that has depressed tax receipts, the Treasury Department reported Friday.

The deficit is well on its way to the $1.75 trillion -- or 12.3% of gross domestic product -- that the White House has estimated for the full fiscal year, which ends in September.

The deficit through the first six months is more than three times higher than it was at this time last year. The government has borrowed $1 trillion from the public so far this fiscal year.

In March, the deficit widened to $192.3 billion from $48.2 billion in March 2008. Outlays rose 41% to $321.2 billion from $227 billion, while receipts dropped 28% to $129 billion from $178.8 billion.

The government has borrowed $1 trillion from the public so far this fiscal year.

Receipts from individual income taxes fell 27% in March, versus year-earlier figures. Individual refunds are up 14% so far this year. Compared with a year earlier, corporate income tax receipts fell 90% to $3.4 billion.

Read more: http://www.marketwatch.com/News/Story/Story.aspx?guid={61748931-FC53-4C66-8708-2F000F1906ED}

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Our total US Federal debt? $11 TRILLION and rising. And that's only if you don't count future obligations we have to programs such as Medicare and Social Security. Plus, that doesn't even include our state and local debt, corporate debt, or personal debt.

Yet many believe we can continue to borrow - that, in fact, we need to get "credit markets moving again." :eyes:

[rcrush]

1. PFFT were still in the billions?

[indepat]

2. 'puke tax folly, perpetual wars of aggression, non-governance, and a laissez-faire

approach to govermental oversight: a perfect recipe for the perfect storm brewing in the stock markets, capital markets, housing market, jobs market, and the entire economy, all courtesy of your favorite 'puke pols. :P