US budget deficit to top $1 trillion
Issued on: Modified:
The Congressional Budget Office said it expects the US budget deficit to hit $1.2 trillion for the 2008/2009 fiscal year. This would push it to three times the last budget deficit.
AFP - The provisional US budget deficit in 2008/2009 will hit a record 1.2 trillion dollars, the Congressional Budget Office said Wednesday.
The deficit for the fiscal year 2007/2008 which ended in September reached 438 billion dollars, or 3.1 percent of the nation's gross domestic product, the office said in a report.
However, the figures do not include the cost of a huge economic stimulus plan put forward by the future administration of president-elect Barack Obama which would cost upwards of 775 billion dollars.
Daily newsletterReceive essential international news every morningSubscribe