Federal Budget Deficit Hits $1 Trillion For 1st 9 Months Of FY'10
Ok all you balanced budgetters what would you cut
with around 40 % of federal government spending being borrowed, what and by how much would you cut. With the realization of the political, sociological and military costs of cutting certain programs back
The federal budget deficit for the first nine months of the 2010 fiscal year was just over $1 trillion, the Congressional Budget Office reported Wednesday.
The shortfall, reflecting $2.6 trillion in outlays for the first three quarters and $1.6 trillion in receipts, narrowed slightly compared with the same point in fiscal 2009.
But individual income and payroll tax receipts were down 4% over the nine- month period, suggesting that wages and salaries have not improved to the extent that corporate profits have.
-By Martin Vaughan, Dow Jones Newswires