Deficit Tops $1T for First Time
By Newser Editors and Wire Services
Posted Jul 13, 2009 2:25 PM CDT
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(Newser) – Nine months into the fiscal year, the federal deficit has topped $1 trillion for the first time. The imbalance is intensifying fears about higher interest rates and inflation; there's also concern about trying to reverse the deficit—by reducing government spending or raising taxes—in the midst of a harsh recession. The Treasury Department said today that the deficit in June totaled $94.3 billion, pushing the total since the budget year started in October to nearly $1.1 trillion.