Stock Preacher

The US federal deficit hit a record US$176.4B in October, according to a US Treasury Department Report Thursday. The budget imbalance outpaced economists’ expectation of US$150B. The deficit for Y 2009 fiscal year, which ended on Sept. 30, set an all-time record in USD terms of US$1.42T tripling last year’s record. Treasury Secretary Tim Geithner said last month that the skyrocketing federal deficit was inherited from the George W. Bush administration. Besides, it was a result of the government’s actions to tackle the worst economic recession since the Great Depression of 1930s. The US administration has launched a US$787B stimulus bill to boost the economy and has spent another US$700B to stabilize the financial system since President Obama took office at the beginning of the year. Experts worry the federal deficit would be unsustainable if the government did not impose fiscal discipline. “The president recognizes that we need to put the nation back on a fiscally sustainable path,” White House Budget Director Peter Orszag said. But critics argue that the government has not yet taken the problem seriously. Read more

Popularity: unranked [?]

The USA’s federal deficit for 2009 fiscal year reached a record high of US$1.42T, the Treasury Department announced last Friday.
The US government imbalance for the fiscal year ending Sept. 30, 2009, more than tripled last year’s record. As a portion of the economy, the deficit accounted for about 10%, the highest since World War II. For fiscal year 2009, the government collected US$2.1T in revenues, a 16.6 % drop from Y 2008, while government spending jumped to US$3.52T up 18.2% over Y 2008. The Treasury Department projected that the deficits would total US$9.1T over the next decade unless corrective action is taken. Treasury Secretary Tim Geithner pointed to the rising federal debt as a result of the government’s actions to tackle the worst economic recession since the Great Depression of the 1930s. Read more

Popularity: unranked [?]