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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: US budget deficit nears $1 trillion AFP - 2 hours 56 minutes ago WASHINGTON (AFP) - - The US budget deficit accelerated in March to hit a record nearly one trillion dollars just halfway through the current fiscal year, as the government moved to bail out troubled institutions, government data has shown. ADVERTISEMENT The deficit for the first six months of the fiscal year which began on October 1 was 956.80 billion dollars, according to the Treasury's monthly statement of receipts and outlays. Receipts during the six-month period to March 2009 were 989.83 billion dollars while outlays amounted to nearly 1.95 trillion dollars, the data showed. The March deficit of 192.27 billion dollars was higher than the 160 billion dollars expected by most analysts, coming on the back of money poured by President Barack Obama's administration to rescue financial institutions. All six months of the fiscal year so far recorded red ink. The last time the United States plunged into a consecutive six month deficit was during the October 2003-March 2004 period, officials said. The nonpartisan Congressional Budget Office (CBO) forecast last month the budget deficit could hit 1.845 trillion dollars for the whole year based on Obama's 3.5-trillion-dollar budget plan approved by Congress early this month. The CBO said its budget deficit estimate for fiscal 2009, which ends on September 30, would be four times the 2008 record shortfall and amount to 13.1 percent of the country's total economic output. The Obama budget forecasts a 1.750 trillion dollar deficit in fiscal 2009, but foresees that figure falling to 1.171 trillion dollars in 2010. The plan sees the deficit soaring to the largest percentage of gross domestic product since World War II, but the president touted a string of cost savings designed to lay new foundations for the US economy. It also includes an optimistic forecast that the struggling US economy will post robust growth next year, projecting a 1.2 percent contraction in calendar 2009 but an expansion of 3.2 percent in 2010. The president's plan includes investment in renewable energy, education, health care reform and is targeted to cut the deficit in half by the end of his current term in 2013. Republican lawmakers have labeled the plan "a road map to disaster," but Obama said that "by making hard choices and challenging the old ways of doing business, we will cut in half the budget deficit we inherited within four years." The Treasury data Friday showed the administration used 293 billion dollars under the Troubled Asset Relief Program (TARP) to keep financial institutions afloat while another 60 billion dollars was injected into ailing mortgage finance giants Fannie Mae and Freddie Mac. Nearly 120 billion dollars was also spent by the Treasury to purchase home mortgage securities, the data showed. A US home mortgage meltdown triggered financial turmoil stemming from soured mortgage based securities that led to the collapse last year of financial institutions, including US investment banking icon Lehman Brothers, and slammed the brakes on growth. The economy plunged into recession in December 2007. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: Financial Crisis US budget deficit nears $1 trillionAFP - 2 hours 59 minutes ago Leucadia CEO got pay package of $1.1M in 2008AP - Saturday, April 11 Japanese leader unveils $150 billion stimulus planAP - Saturday, April 11 Unum CEO sees 16 percent cut in 2008 compensationAP - Friday, April 10 Enlarge Photo Stacks of one dollar bills pass through a machine at the Bureau of Engraving and Printing in Washington, DC. The US budget deficit accelerated in March to hit a record nearly one trillion dollars in the first half of the current fiscal year as the government moved to bail out troubled institutions, government data has shown. Related Full Coverage Financial fallout Latest news on global credit crunch. All Full Coverage Most Popular – Top Stories Viewed UN sounds warning after Antarctica ice shelf rips French commandos storm yacht Harry Potter actor arrested over cannabis find US navy bears down on Somali pirates Selective abortion causes 32mln excess China males View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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