US FINANCIAL TSUNAMI
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WASHINGTON (AFP) - – The US government closed its 2009 fiscal year with a record 1.417 trillion dollar budget deficit as it poured resources to contain a serious financial crisis that plunged the nation into recession.
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The deficit was some 962 billion dollars higher than the prior year and amounted to 10 percent of US gross domestic product (GDP), the highest since 1945, officials said Friday. The huge jump in the budget shortfall stemmed from both declining revenues and a massive ramping up of spending especially facing the two current wars in Afganistan and Iraq.
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Receipts for the fiscal year that ended in September totaled 2.105 trillion dollars while outlays were 3.522 trillion dollars, the Treasury said. The deficit (red ink) was inherited from his predecessor George W. Bush. It was largely the product of the spending and tax policies inherited from Georga Bush", Treasury Secretary Timothy Geithner and White House budget chief Peter Orszag said in a joint statement.
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