Record federal deficit climbs higher, $180.7 billion in July, $1.27 trillion so far this year

[I AM NOT THAT GUY 5,715]

Federal deficit higher in July, $1.27T this year

WASHINGTON (AP) -- The federal deficit climbed higher into record territory in July, hitting $1.27 trillion with two months remaining in the budget year.

The Treasury Department said Wednesday that the July deficit totaled $180.7 billion, slightly more than the $177.5 billion economists had expected.

The Obama administration is projecting that when the current budget year ends on Sept. 30, the imbalance will total $1.84 trillion, more than four times last year's record-high.

Massive amounts of government spending to combat the recession and stabilize the U.S. financial system have pushed the deficit higher. The cost of wars in Iraq and Afghanistan, along with depleted government tax revenues, also are major factors.

The July deficit reflected government spending of $332.2 billion, a record amount for any month and up from outlays of $263.3 billion in July 2008. Of that increase, about $25 billion reflected the fact that Aug. 1 was a Saturday this year, requiring many government benefit checks to be sent out earlier and counted as spending in July.

Government receipts totaled $151.5 billion, down 5.6 percent from a year ago. It marked the 15th consecutive month that government receipts have been lower than the same month in the prior year, illustrating how deep the recession has cut into tax receipts.

Through the first 10 months of the budget year, receipts total $1.74 trillion, down 16.9 percent from the same period in 2008.

Outlays totaled $3 trillion over the past 10 months. The resulting deficit of $1.27 trillion compares to an imbalance of $388.6 billion during the year-ago period. The deficit for all of 2008 was $454.8 billion, the current record holder in dollar terms.

The soaring deficits have raised worries among foreign owners of U.S. Treasury securities including the Chinese, the largest holder of such debt.

http://finance.yahoo.com/news/Federal-defi...ml?x=0&.v=5

[Ban Hammer 14,578]

go obama!

[luckytxn 2,265]

Somehow Bush will get blamed as usual.

[웃 910]

OBUMA =

USA under OBUMA's regime =

The Democratic Party in 2012 =

[mawilson 2,133]

The Democratic Party in 2012 =

First let's thin out their numbers on Nov 2, 2010.