Tuesday, May 12, 2009

Gov't Runs April Deficit for 1st Time Since Reagan

The federal government ran a deficit in April for the first time in 26 years, pushing the red ink so far this budget year to a record $802.3 billion.

The Treasury Department says the deficit for April was $20.9 billion, a sharp contrast to a year ago when the government ran a surplus of $159.3 billion.

For the budget year that began Oct. 1, the deficit totals $802.3 billion, putting the country well on track to register the first $1 trillion annual deficit in U.S. history.

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