WASHINGTON Reuters – The U.S. budget deficit almost hit $1 trillion during the first six months of this fiscal year which began on October 1, according to estimates released on Monday by the Congressional Budget Office.
The government likely recorded $953 billion in red ink from October through March including $290 billion for the Troubled Asset Relief Program, or TARP, which was to provide much-needed cash to struggling financial institutions, the CBO said.
Receipts during the six-month period dropped about $160 billion, or 14 percent, over the same period in fiscal 2008. Nearly half of the drop, $73 billion, came from a fall in corporate income tax receipts.
A trillion dollars. And no one is saying a word about it!
via U.S. deficit nearly $1 trillion in first half of FY2009.