Tags: US | Budget | Deficit

Federal Deficit Tops $1 Trillion -- Again

Wednesday, 10 Aug 2011 10:50 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

WASHINGTON — The nation's budget deficit has topped $1 trillion for a third straight year, adding pressure on Congress and the White House to make more progress a long-term plan to shrink the growing imbalance.

The Treasury Department says the deficit through July totals $1.1 trillion. Three years ago, that would have been a record high for the full year.

This year's deficit is on pace to exceed last year's imbalance of $1.29 trillion but fall short of the record $1.41 trillion set in 2009.

Record deficits have prompted President Barack Obama and Congress to create a 12-member committee of lawmakers tasked with reducing the imbalance over the next decade by $1.2 trillion. If the panel splits and cannot agree on a plan, severe across-the-board spending cuts would go into effect automatically.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Obama to Speak On Militants' Beheading of American

Wednesday, 20 Aug 2014 12:43 PM

The White House says President Barack Obama will deliver a statement on Wednesday, the day after Islamic State militants . . .

Alan Dershowitz: Israel, US Are 'Friends Who Disagree'

Wednesday, 20 Aug 2014 12:22 PM

The United States and Israel are friends who disagree, Harvard Law Professor Alan Dershowitz told Newsmax TV's "Americ . . .

Clashes in Liberia As Authories Quarantine Ebola Slum

Wednesday, 20 Aug 2014 12:05 PM

Liberian security forces sealed off a seaside slum in the capital Wednesday in the latest effort to stop the spread of E . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved