The federal deficit has topped $1 trillion with three months still to go in the current budget year, showing the continued impact of a deep recession on the government's finances.
The Treasury Department says that through the first nine months of this budget year, the deficit totals $1 trillion, down by 7.6 percent from the $1.09 trillion in red ink run up during the same period a year ago.
The June deficit totaled $68.4 billion, the second highest June deficit on record, but down from the all-time high of $94.3 billion in June 2009, a month when the government was spending heavily to stabilize the financial system and jump-start economic growth.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
WASHINGTON (AP) — The federal deficit has topped $1 trillion with three months still to go in the current budget year, showing the continued impact of a deep recession on the government's finances.
The Treasury Department says that through the first nine months of this budget year, the deficit totals $1 trillion, down by 7.6 percent from the $1.09 trillion in red ink run up during the same period a year ago.
The June deficit totaled $68.4 billion, the second highest June deficit on record, but down from the all-time high of $94.3 billion in June 2009, a month when the government was spending heavily to stabilize the financial and jump-start economic growth.