Deficit Hits $455 Billion, Highest Percent Since ’04
By BLOOMBERG NEWS
WASHINGTON (Bloomberg) — The federal budget deficit rose to $455 billion in the fiscal year that ended Sept. 30 as financial market strains slowed economic growth while spending rose the most since 1990.
By comparison, the deficit a year earlier was $162 billion, while the previous high was $413 billion in 2004, the Treasury said Tuesday. The gap was 3.2 percent of the gross domestic product, up from 1.2 percent last year, the Treasury said.
The 2008 deficit was the largest as a share of the economy since 2004, when it was 3.6 percent of the gross domestic product, the government’s principal measure of the country’s output of goods and services.
By comparison, under President Ronald Reagan and the first President Bush, the deficit was more than 4 percent of the gross domestic product.
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WASHINGTON (Bloomberg) — The federal budget deficit rose to $455 billion in the fiscal year that ended Sept. 30 as financial market strains slowed economic growth while spending rose the most since 1990.
By comparison, the deficit a year earlier was $162 billion, while the previous high was $413 billion in 2004, the Treasury said Tuesday. The gap was 3.2 percent of the gross domestic product, up from 1.2 percent last year, the Treasury said.
The 2008 deficit was the largest as a share of the economy since 2004, when it was 3.6 percent of the gross domestic product, the government’s principal measure of the country’s output of goods and services.
By comparison, under President Ronald Reagan and the first President Bush, the deficit was more than 4 percent of the gross domestic product.
(Continued here.)
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