US deficit triples to record high of $1.4 trillion

October 7th, 2009 CBO: Budget deficit hit record $1.4B in 2009WASHINGTON — Congressional analysts say the federal budget deficit tripled to a record $1.4 trillion for the 2009 fiscal year that ended last week. The unprecedented flood of red ink flows from several factors, including a big drop in tax revenues due to the recession, $245 billion in emergency spending on the Wall Street bailout and the takeover of mortgage giants Fannie Mae and Freddie Mac.

September 24th, 2009 TOKYO - Japan posted a trade surplus for the seventh straight month in August, compared to a deficit in the same month the previous year, the finance ministry said Thursday. The surplus was 185.7 billion yen ($2.04 billion) against a deficit of 314.2 billion yen the year before, suggesting a positive trend for Japan's export-led economy.

August 25th, 2009 Federal budget numbers now stratosphericWASHINGTON — It used to be the government's budget picture was measured in billions of dollars. No longer. Trillions, that's the yardstick of the 21st century.

August 25th, 2009 Congress projects smaller deficit than White HouseWASHINGTON — Congressional budget analysts project a cumulative $7 trillion deficit from 2010-2019, a figure roughly $2 trillion less than the one projected by the White House budget office. The nonpartisan Congressional Budget Office, in a report that came out on the same day as the White House midyear budget review, said the deficit this year will total $1.6 trillion and that putting the nation on a sustainable fiscal course will require a mix of lower spending and higher tax revenues than the amounts now projected.

August 21st, 2009 AP source: $2 trillion higher deficit projectedWASHINGTON — A White House budget official says the Obama administration expects the federal deficit over the next decade to be $2 trillion bigger than previously estimated. The projection now is for a deficit of $9 trillion.

August 12th, 2009 Federal deficit higher in July, $1.27T this yearWASHINGTON — The federal deficit climbed higher into record territory in July, hitting $1.27 trillion with two months remaining in the budget year. The Treasury Department said Wednesday that the July deficit totaled $180.7 billion, slightly more than the $177.5 billion economists had expected.

July 30th, 2009 Russia to run 7.5 pct deficit in 2010MOSCOW — Russia will next year run a budget deficit equivalent to 7.5 percent of annual economic output, the highest deficit the country can afford without hurting economic stability, Prime Minister Vladimir Putin said Thursday. Russia is facing its biggest economic test in a decade and is this year running a budget deficit of 9.4 percent of gross domestic product — its first deficit in a decade.

July 30th, 2009 Russia to run 7.5 pct budget deficit next yearMOSCOW — Russia will next year run a budget deficit equivalent to 7.5 percent of annual economic output, the highest deficit the country can afford, Prime Minister Vladimir Putin said Thursday. Russia is facing its biggest economic test in a decade and is this year running a budget deficit of 9.4 percent of gross domestic product — its first deficit in a decade.

July 22nd, 2009 LG Electronics says Q2 profit soars to recordSEOUL, South Korea — LG Electronics said Wednesday that second-quarter net profit soared 62 percent to an all-time high amid record sales of flat screen televisions and mobile phones. LG Electronics Inc., the world's third-largest manufacturer of mobile phones and flat screen TVs, earned 1.15 trillion won ($921 million) in the three months ended June 30, it said in a regulatory filing and a press release.

June 10th, 2009 Budget deficit hits record for May of $189.7BWASHINGTON — The federal budget deficit soared to a record for May of $189.7 billion, pushing the tide of red ink close to $1 trillion with four months left in the budget year. The rising deficit reflects increased government spending due to the recession, and billions of dollars spent on bailouts for banks and other troubled companies.

May 12th, 2009 Gov't runs April deficit for first time since '83WASHINGTON — The federal government ran a deficit in the month of April for the first time in 26 years, pushing the red ink so far this budget year to a record $802.3 billion. The Treasury Department said Tuesday the deficit for April was $20.9 billion, a sharp contrast from the surplus of $159.3 billion in the same month last year.

May 11th, 2009 White House: Budget deficit to top $1.8 trillionWASHINGTON — With the economy performing worse than hoped, revised White House figures point to deepening budget deficits, with the government borrowing 50 cents for every dollar it spends this year. The deficit for the current budget year will rise by $89 billion to above $1.8 trillion — about four times the record set just last year.

April 27th, 2009 Treasury needs record $361B April-June borrowingWASHINGTON — The Treasury Department said Monday it will need to borrow $361 billion in the current April-June quarter, a record amount for that period. It's the third straight quarter the government's borrowing needs have set records for those periods.

February 15th, 2009 NEW DELHI - The government Monday said high fiscal deficit was inevitable given the global economic scenario and increasing public expenditure. External Affairs Minister Pranab Mukherjee in his interim budget speech pegged the current fiscal's deficit at 6 percent of the gross domestic product (GDP), but hoped that it would come down to 5.5 percent in next financial year.

January 6th, 2009 WASHINGTON - President-elect Barack Obama has warned Americans about the unparalleled prospect of 'trillion-dollar deficits for years to come', saying the exploding budget gap underscores the need for long-term reform of US finances. 'We're already looking at a $1 trillion budget deficit or close to a $1 trillion budget deficit, and potentially we've got $1 trillion deficits for years to come,' Obama told reporters Tuesday after a meeting with his economic and budget team.