05-16-2010, 06:35 AM
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#11
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“Hypocrisy: prejudice with a halo”
Join Date: Mar 2007
Location: Savannah, Georgia
Posts: 21,393
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Quote:
WASHINGTON — The federal budget deficit hit an all-time high for April as the government kept spending to aid the recovery while revenue fell sharply.
The Treasury Department said Wednesday the April deficit soared to $82.7 billion. That was significantly higher than last year's April deficit of $20 billion and the largest imbalance for that month on record.
The government normally runs surpluses in April as millions of taxpayers file their income tax returns. However, income tax payments were down this April, reflecting the impact of the recession which has pushed millions of people out of work.
Total revenues for April were down 7.9 percent from a year ago.
The Obama administration forecast in February that the deficit for this year will hit an all-time high of $1.56 trillion, surpassing the current record $1.4 trillion set last year. Many private economists believe this year's imbalance will be closer to last year's figure and that deficits will remain high for years to come.
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http://www.google.com/hostednews/ap/...XknwQD9FLISG82
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