Thursday, October 8, 2009

9.9% of GDP!

According to the US Congressional Budget Office, the US budget deficit for the year ending Sept. 30 2009 reached USD 1.4 trillion or 9.9% of GDP (triple previous year's).

9.9%! Wow. If the US was a member of the EU, it would be receiving a note from the EU's Finance Commissioner (18 EU member states have in 2009 so far for exceeding the EU convergence and stability criterion of annual budget deficits of no more than 3% of GDP).

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