http://www.bloomberg.com/news/2011-10-14/u-s-budget-deficit-increased-to-1-3-trillion-in-fiscal-2011.htmlThe U.S. government posted its third consecutive annual budget deficit in excess of $1 trillion in the fiscal year ended Sept. 30.
The shortfall registered $1.3 trillion in fiscal 2011, up from $1.29 trillion in 2010 and the second-highest on record, according to Treasury Department data issued today in Washington. It reached $1.42 trillion in 2009, the highest ever. The September gap widened to $64.6 billion from $34.6 billion in the same month last year.
“This report confirms that we cannot waste any time in jump-starting economic growth and job creation to lay the foundation for a stronger economy and lower future deficits,” Jacob Lew, director of the White House Office of Management and Budget, said in a statement.
The budget deficit for fiscal 2011 was 8.7 percent of gross domestic product, down from 9 percent in 2010, according to the Treasury data. The gap reached 10 percent of GDP in 2009, the highest since 1945, according to the Congressional Budget Office.
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