First Quarter Budget Deficit Reaches Record

December 9, 2007
First Quarter Budget Deficit Reaches Record

WASHINGTON (Thomson Financial) - A slowing economy has begun taking its toll on US government finances as the Treasury today reported record deficits for both the month of November and the first two months of its 2008 fiscal year, the latter being a record 153.8 bln usd.

The deficit for October and November, the first two months of the federal government's 2008 fiscal year, was up 26 pct from the previous same period, Treasury reported. Revenues were up 5 pct this year to 329.2 bln usd and spending up 11 pct to 483.0 bln usd.