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“Federal Deficit Hits All - Time High $1.42 Trillion”
by AP - Martin Crutsinger   
October 18th, 2009

Federal deficit hits record-high $1.42 trillion, expected total $9.1 trillion over next decade

WASHINGTON (AP) -- The federal budget deficit has surged to an all-time high of $1.42 trillion as the recession caused tax revenues to plunge while the government was spending massive amounts to stabilize the financial system and jump-start the economy.

The imbalance for the budget year ended Sept. 30, more than tripled last year's record. The Obama administration projects deficits will total $9.1 trillion over the next decade unless corrective action is taken.

As a portion of the economy, the budget deficit stood at 10 percent, the highest since World War II, according to government data released Friday.

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