English
The United States of America have a record budget deficit of 1,400 billion dollars during the 2008-2009 fiscal year, which ended in September, according to the Congressional Budget Office (CBO), the highest since 1945. The deficit represents 9.9 per cent of the US national GDP, and it is three times higher than the one in 2008, the CBO said in an analysis of the budget execution published on October 7th.
The estimate needs to be confirmed by the Treasury Department, which will publish this month the official numbers for the 2008-2009 fiscal year.
According to the CBO, federal spending increased 18% during the aforementioned period, and most of this increase, (245 billion dollars) was caused by the costs of bailing out the financial industry and the cost of taking over mortgage lenders "Fannie Mae" and "Freddie Mac".
At the end of August, the White House announced it expects a federal deficit of 1,580 billion dollars for the entire fiscal year which ended in September. In 2007-2008, the American budget deficit reached 459 billion dollars (3.2% of the GDP).
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