Federal Government Budget Deficit $389B Through December
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Thu Jan 07 18:55:38 2010 EST
By Corey Boles
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--The federal government's budget deficit reached $389
billion through the first three months of fiscal 2010, the non-partisan
Congressional Budget Office said Thursday.
This was up from last year's $332 billion at the end of the first quarter of
fiscal 2009, CBO said.
In its monthly review of the federal government's balance sheet, the CBO said
the deficit in December stood at $92 billion, about $40 billion wider than the
same month last year.
Normally, December is a net positive month for the government due to
quarterly payments of income tax by corporations and higher withholding for
individuals from year-end bonuses and seasonable employment.
The deficit reached a record high of $1.4 trillion in fiscal 2009, more than
triple the previous high set just the previous year.
Congress was forced to increase the federal government's debt ceiling, the
total amount it is allowed to borrow, to around $12.4 trillion before lawmakers
left town for the holiday recess. This increase is expected to support the
government's borrowing needs only through February.
The Senate is set to take up legislation increasing the borrowing limit
further when lawmakers return on Jan. 19.
--------------------------------------------------------------------------------
Thu Jan 07 18:55:38 2010 EST
By Corey Boles
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--The federal government's budget deficit reached $389
billion through the first three months of fiscal 2010, the non-partisan
Congressional Budget Office said Thursday.
This was up from last year's $332 billion at the end of the first quarter of
fiscal 2009, CBO said.
In its monthly review of the federal government's balance sheet, the CBO said
the deficit in December stood at $92 billion, about $40 billion wider than the
same month last year.
Normally, December is a net positive month for the government due to
quarterly payments of income tax by corporations and higher withholding for
individuals from year-end bonuses and seasonable employment.
The deficit reached a record high of $1.4 trillion in fiscal 2009, more than
triple the previous high set just the previous year.
Congress was forced to increase the federal government's debt ceiling, the
total amount it is allowed to borrow, to around $12.4 trillion before lawmakers
left town for the holiday recess. This increase is expected to support the
government's borrowing needs only through February.
The Senate is set to take up legislation increasing the borrowing limit
further when lawmakers return on Jan. 19.