U.S. Budget Deficit a Record $268 Billion
The federal budget deficit soared to a record $268.7 billion in the fiscal year ending Sept. 30, the government reported Tuesday.
It was the 22nd straight year of spending imbalances, which are projected to continue at least through most of the decade.
The gap between what the government took in and paid out last year swelled beyond the previous record of $221.1 billion set in 1986. The imbalance was $220.4 billion in fiscal 1990.
The government has not operated in the black since posting a $3.2 billion surplus in fiscal 1969.
Revenues totaled $109.3 billion in September, pushing receipts for the year up 2.2% to $1.05 trillion. But outlays totaled $116.2 billion last month and $1.32 trillion for the year, up 5.7% from fiscal 1990.
September’s $6.8-billion deficit compared to a $20.8-billion surplus a year earlier.
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