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Treasury: deficit hits new record in just 3 months
Martin Crutsinger, AP Economics Writer
Tuesday January 13, 2009, 5:11 pm EST
WASHINGTON (AP) -- The federal government already has run up a record deficit of $485.2 billion in just the first three months of the current budget year. And economists say the imbalance for the full year could easily top $1 trillion, pushed to that eye-popping level by the spending the government is likely to do to combat the recession and the most severe financial crisis in generations.
The Treasury Department reported Tuesday that the deficit for December totaled $83.6 billion, a sharp deterioration from a year ago when the government managed a surplus of $48.3 billion.
continued here:
http://finance.yahoo.com/news/Treasu...-14049804.html
Treasury: deficit hits new record in just 3 months
Martin Crutsinger, AP Economics Writer
Tuesday January 13, 2009, 5:11 pm EST
WASHINGTON (AP) -- The federal government already has run up a record deficit of $485.2 billion in just the first three months of the current budget year. And economists say the imbalance for the full year could easily top $1 trillion, pushed to that eye-popping level by the spending the government is likely to do to combat the recession and the most severe financial crisis in generations.
The Treasury Department reported Tuesday that the deficit for December totaled $83.6 billion, a sharp deterioration from a year ago when the government managed a surplus of $48.3 billion.
continued here:
http://finance.yahoo.com/news/Treasu...-14049804.html