AJC: December budget deficit sets record
The report below is from a Chinese news source. I did not go out of my way to find it. I saw the story in my local printed paper. When I searched for the story in Google - this Chinese link was in the search results.
I struggle to understand how many people are discombobulated with regards to their long term expectations of entitlements from the government in the name of "Social Justice" and the eroding financial condition that is increasing the likelihood that they will never see such services delivered to them as they expect.
WASHINGTON, Jan. 13 (Xinhua) -- The U.S. federal budget deficit totaled 91.85 billion U.S. dollars in December, reported the Treasury Department on Wednesday.
The deficit was slightly less than the 92 billion dollars that analysts had expected.
But the red ink of the first three months of fiscal year 2010 beginning from October 2009 is 16.8 percent higher than the same period of the fiscal year 2009 when it hit a record 1.42 trillion dollars.
The Obama administration expects the 2010 deficit will set a new record at 1.5 trillion dollars.
Economists worry the fiscal imbalance could push interest rates higher and raise the cost of borrowing for consumers and businesses, a potential drag on the fragile economic recovery.
The soaring U.S. federal budget has caused widely international concerns. U.S. debt holders worry that the U.S. government has no better way to get out of the debt dilemma but to devalue its currency.
The Federal Reserve has kept the interest rate at the historical low of zero level since December 2008 to tackle the economic recession. Economists do not expect that the Fed will increase the rates until next year.
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