Wednesday, August 26, 2009

2009 US record budget deficit

The White House and the Congress have warned that the US budget deficit will reach almost USD 1.6 trillion this year (USD 455cbn deficit in 2008).

Part of the reason is the USD 787bn stimulus package as well as lower tax revenues due to the recession.

Further, the White House predicts that a (cumulative) debt of USD 9 trillion will be recorded from 2010-2019!

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