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It’s official: Federal deficit exceeds one trillion

July 14, 2009 by  

Federal deficit exceeds one trillionThe government has presented new figures for the federal budget deficit which suggest it has increased in June by another $94.3 billion to reach $1.09 trillion so far this fiscal year.

It was the largest budget shortfall the government has recorded in the month of June, media reports have said.

The Treasury Department has blamed a "double whammy" of escalating expenditures and tax revenue collapse for the deficit.

The government has spent trillions trying to revive the economy which continues to show few signs of recovering from the recession.

In fact, recent Labor Department figures show unemployment continues to climb – with the average rate reaching 9.4 percent last month – which further constrains government revenues as tax receipts have fallen.

The estimated decrease in revenue derived from taxes imposed on individuals amounted to 22 percent so far this fiscal year, while corporate tax receipts fell by a staggering 57 percent in the same period.

Budgetary projections for the coming months say expenses will continue to outweigh income into 2010.

The government expects the deficit to hit $1.84 trillion by the end of this fiscal year, which concludes in September.ADNFCR-1961-ID-19265488-ADNFCR

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