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Us Budget Deficit At $1 Trillion

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http://news.bbc.co.uk/1/hi/business/8148875.stm

The US budget deficit has moved above $1 trillion (£616bn) for the first time - with three months of the financial year remaining, official data show.

The government stepped up spending to counter the recession, and the bailout of financial institutions has taken a huge chunk out of government finances.

Falling tax revenues and unemployment benefit spending have also contributed.

The figure compares with $455bn for the whole 2007/8 financial year, but the 2008/9 deficit was expected to soar.

A budget deficit can impede on spending on programmes such as health and education.

Increased anxiety

Congress has already approved a $700bn financial bailout and a $787bn economic stimulus package to try and jump-start a recovery.

And the US apparently needs to borrow at least $1tr just for the baby boomers next year.

Total%20U.S.%20Debt%20to%20GDP.gif

Has anyone produced a more up to date chart with the above information added, it surely must be even higher now? Has it gone past 400% of GDP?

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read this last night which states japan is in a worse situation, has some good graphs/charts on it....

Interesting article.

I've been saying that Japan is not the ideal outcome for everyone, they never fixed the mess from their bubble, not surprising they are in big trouble.

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