Sunday, October 17, 2010
U.S. Deficit Totals $1.29 Trillion In 2010
The US budget deficit for 2010 is the second largest in modern record. On Friday the Treasury reported that the nation's deficit fell from $1.42 trillion last year to $1.29 trillion now. The federal government collected higher taxes and spent less on housing and financial aid. The government's tax intake rose $2.16 trillion or 2.7% in fiscal 2010.
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I'd be more interested in finding out what percentage of the U.S.'s GDP is covered by deficit. I'm surprised to hear that the government is reducing the deficit, I would have thought that they are spending every cent they get from tax payers. Again, I would expect the deficit to increase sometime in the future.
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