Record Deficit Reported

Halfway through the fiscal year, the federal deficit is at a record high of $311.4 billion, up 20.5% from this time last year. The report from the Treasury showed that revenue for the fiscal year totaled $1.146 trillion, up just 2.2% from last year. In contrast, government spending was up by a much faster 5.7%, rising to $1.457 trillion – and that doesn’t take into account those planned rebate checks!