Thursday, October 8, 2009
US deficit triples to record high of $1.4 trillion
The US federal budget deficit tripled to about $1.4 trillion for fiscal year 2009 in the midst of the worst economic decline since the Great Depression, the office that keeps track of spending for Congress said on Wednesday. The figure represented about 9.9 per cent of gross domestic product (GDP), the highest percentage since 1945, the Congressional Budget Office said in a statement. In 2008, the deficit was only 3.2 per cent of GDP.