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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

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The US Treasury Department is expected in the coming week to roll out its long-delayed plan to buy as much as $1 trillion in troubled mortgages and related assets from financial institutions, according to people close to the talks. The plan is likely to offer generous subsidies, in the form of low-interest loans, to coax investors to form partnerships with the government to buy toxic assets from banks, and to help protect taxpayers, who would pay for the bulk of the purchases, the plan calls for auctioning assets to the highest bidders. The plan is not expected to impose restrictions on the executive pay of private investors or fund managers who participate. The three-pronged approach is perhaps the central component of Mr. Obama’s plan to rescue the U.S. banking system from the unprofitable assets weighing down bank balance sheets, crippling their ability to make new loans and deepening the recession

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Over the weekend US President Obama ordered the US Treasury on Saturday to implement tax cuts for 95% of Americans, fulfilling a campaign pledge he hopes will help jolt the economy out of recession. The tax cuts are part of a US $787B economic recovery plan passed by the Congress. The aim is to put more money in the pockets of Americans and stimulate the economy by increasing consumer spending.”I’m pleased to announce that this morning the Treasury Department began directing employers to reduce the amount of taxes withheld from paychecks, meaning that by April 1st , a typical family will begin taking home at least US$65 more every month,” Obama said in his radio address.

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