WASHINGTON Dec 4 The U.S. government racked up
a gaping shortfall in the first two months of this fiscal year
after posting a record budget deficit last year, congressional
analysts said on Friday.
In October and November, the government spent $292 billion
more than it took in, the nonpartisan Congressional Budget
That was even worse than the same period last year, when
the government was on its way to posting a record $1.4 trillion
deficit for the fiscal year that ended Sept. 30.
The federal budget has been battered by the worst economic
downturn since the Great Depression of the 1930s, as tax
revenues have plunged and spending on safety-net programs like
unemployment insurance have skyrocketed.
The budget deficit was $176.4 billion in October, according
to Treasury Department records, and the CBO estimated the
deficit for November will have come in at $115 billion.
The CBO gave its figures in billions of dollars and said
numbers may not add up to the totals because of rounding.
Receipts totaled $132 billion in November, the CBO
estimated, down 9 percent from the same month last year. That
was partly due to new legislation that gives increased tax
write-offs to corporations.
Outlays were down $23 billion from a year earlier, the CBO
estimated, as the government spent less on federal programs to
stem the financial crisis.
(Reporting by Andy Sullivan; Editing by John O'Callaghan)
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