Deficit reaches record $1 trillion and counting
With three months left to go in the budget year, the government's deficit has hit an all-time high of $1 trillion. The Congressional Budget Office predicts that by the end of the year, the deficit will be 13% of the GDP. That compares with a recent high of 6% of GDP in 1983 and 30.3% in 1943, when the nation spent a huge amount of money to fight World War II.
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This story published in PLI SmartBrief on 07/14/2009
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