U.S. deficit nearly $1 trillion in first half of FY2009

The government likely recorded $953 billion in red ink from October through March including $290 billion for the Troubled Asset Relief Program, or TARP, which was to provide much-needed cash to struggling financial institutions, the CBO said.

Receipts during the six-month period dropped about $160 billion, or 14 percent, over the same period in fiscal 2008. Nearly half of the drop, $73 billion, came from a fall in corporate income tax receipts.

The CBO, the nonpartisan budget analyst for Congress, said the drop in corporate receipts was the largest in more than three decades.

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Posted in * Economics, Politics, Economy, Taxes, The National Deficit, The U.S. Government

3 comments on “U.S. deficit nearly $1 trillion in first half of FY2009

  1. The_Archer_of_the_Forest says:

    Yes indeed…change you can believe in.

  2. Brian of Maryland says:

    When all is said and done, that little pile on my dresser is all the change I’ll have left …

  3. tgs says:

    And this doesn’t count all the dollars they’ve printed and debt they’ve take on.