The U.S. Treasury Department reported yesterday that the federal budget deficit hit an all-time high for the month of December 2009. The deficit for December totalled $91.85 billion, the largest December deficit ever recorded. Additionally, the budget deficit for the first three months of the current budget year (which began on October 1, 2009) was larger than last year’s record deficit.
This massive tide of red ink, reflecting the continued fallout from a deep recession combined with unprecedented government spending, highlights the challenge facing our nation as we struggle to get control of runaway budget deficits and national debt.
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