U.S. Budget Deficit Hits Record $1.4 Trillion

[Ufo Believer]

From: Raw Story

The US government closed its 2009 fiscal year with a record budget deficit of 1.417 trillion dollars, some 962 billion dollars higher than the prior year, officials said Friday.

The deficit amounted to 10 percent of US gross domestic product (GDP), the highest since 1945.

The huge jump in the budget shortfall stemmed from both declining revenues and a massive ramping up of spending in a fiscal stimulus to jolt the world's largest economy from a prolonged recession.

Receipts for the fiscal year that ended in September totalled 2.105 trillion dollars while outlays were 3.522 trillion dollars, the Treasury said.

The officials however pointed out that the deficit was 162 billion dollars lower than the 1.580 trillion dollars projected by the administration of President Barack Obama, who inherited the red ink from his predecessor George W. Bush.

More here: http://rawstory.com/news/afp/US_budget_deficit_hits_record_1_4_t_10162009.html