Fed Budget Deficit Grows to $957 Billion
April 10, 2009 by Stephen Kersey
Filed under Business
On Friday, the government said that the federal budget deficit rose to $956.8 billion for the first half of fiscal 2009. The Treasury Department stated that it grew by $192.3 billion during the month of March, according to the report. By comparison, last March, the government added $48.2 billion to the deficit.
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The government has been spending at a record pace in order to try to pull the economy out of the deep recession and trigger more lending. It is expected that the government will spend $3.94 trillion for the full fiscal year, ending September 30.
Though the spending has increased dramatically, the government is actually taking in less taxes. Total receipts for March were $129 billion, bringing the total so far for the year to $989.8 billion. For comparison sake, the government had collected $1.1 trillion by the same time last year.
Source: Wire Reports
