The U.S. government posted its third consecutive annual budget deficit in excess of $1 trillion in the fiscal year ended Sept. 30.
The shortfall registered $1.3 trillion in fiscal 2011, up from $1.29 trillion in 2010 and the second-highest on record, according to Treasury Department data issued today in Washington. It reached $1.42 trillion in 2009, the highest ever. The September gap widened to $64.6 billion from $34.6 billion in the same month last year.
“There is a lot of red ink on the government’s balance sheet and
Congress appears clueless on how to make it disappear,” Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York, said before today’s report.
http://www.bloomberg.com/news/2011-10-14/u-s-budget-deficit-increased-to-1-3-trillion-in-fiscal-2011.html
Obama the Socialist attemting income redistribution.