Federal Deficit Tops $1 Trillion
This just in—for the first time ever, the U.S. federal deficit has just topped $1 trillion at the nine month mark within the fiscal year.
Fears are intensifying as the imbalance and pressures toward excess interest rates and inflation could increase while the value of the Dollar could decline.
The Treasury Department says the deficit in June totaled $94.3 billion, pushing the total since the budget year started in October to nearly $1.1 trillion.
The deficit has been propelled by the huge sum the government has spent to combat the recession and financial crisis, combined with a sharp decline in tax revenues. Paying for wars in Iraq and Afghanistan is also a major factor.—Yahoo News
Wow. This big stuff LUX Nation! However, it's no surprise as the writing has been on the wall. It will be interesting to see how this delicate balancing act plays out. To read more, click on over to Yahoo News.