WASHINGTON (MarketWatch) -- The U.S. recorded a federal budget deficit of $94.3 billion in June, pushing the cumulative deficit so far this year to a record $1.08 trillion, the Treasury Department reported Monday.
Outlays rose in June to $309.6 billion, while receipts climbed to $215.3 billion in the month. Among the outlays for June is $11.3 billion in Troubled Asset Relief Program funds, the bailout program for banks and U.S. automakers.
At this time last year, the cumulative federal budget deficit was just $285.8 billion.
The Obama administration expects a deficit of $1.84 trillion for the full fiscal year, which ends in September. However, that number is likely to be revised higher later this month, since the economy has been much weaker than when the original estimate was made.
The Wall Street Journal has a good article on this as well from Mort Zuckerman...
The Bureau of Labor Statistics preliminary estimate for job losses for June is 467,000, which means 7.2 million people have lost their jobs since the start of the recession. The cumulative job losses over the last six months have been greater than for any other half year period since World War II, including the military demobilization after the war. The job losses are also now equal to the net job gains over the previous nine years, making this the only recession since the Great Depression to wipe out all job growth from the previous expansion.
Good Job President Fuckstick. We appreciate your hard work being the first president ever to have a trillion dollar deficit... You are sooooo smart!
Looking forward to the soup lines and unemployment and confiscatory practices that my son can look forward to as grows to manhood....