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...and Largo raising his hand sheepishly at the back of the class: "Is deflation here yet?"
Budget deficit tops $1 trillion for first time
By MARTIN CRUTSINGER, AP Economics Writer – Mon Jul 13, 6:05 pm ET
WASHINGTON — The federal deficit has topped $1 trillion for the first time ever and could grow to nearly $2 trillion by this fall, intensifying fears about higher interest rates, inflation and the strength of the dollar.
The deficit has been widened by the huge sum the government has spent to ease the recession, combined with a sharp decline in tax revenues. The cost of wars in Iraq and Afghanistan also is a major factor.
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Continued here.
By MARTIN CRUTSINGER, AP Economics Writer – Mon Jul 13, 6:05 pm ET
WASHINGTON — The federal deficit has topped $1 trillion for the first time ever and could grow to nearly $2 trillion by this fall, intensifying fears about higher interest rates, inflation and the strength of the dollar.
The deficit has been widened by the huge sum the government has spent to ease the recession, combined with a sharp decline in tax revenues. The cost of wars in Iraq and Afghanistan also is a major factor.
...
Continued here.
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