''The U.S. budget deficit kept growing in June, according to a report issued as a deadline loomed for the federal government to raise its debt ceiling or face serious consequences to the sluggish economic recovery.
The U.S. spent $43.08 billion more than it collected last month, raising the shortfall to $970.52 billion for fiscal 2011.
The deficit in June was smaller than the shortfall of $68.42 billion for the same month in fiscal 2010, as an adjustment in subsidy costs for education loans lowered spending.
The Treasury Department report Wednesday said revenue in the first nine months of fiscal 2011 totaled $1.734 trillion, while spending was $2.705 trillion.
The budget deficit is expected to top $1 trillion by the time the fiscal year ends Sept. 30. Last year's deficit was $1.29 trillion"...........READ MORE
No comments:
Post a Comment