Deficit hits $1 trillion in June for second year
July 8th, 2010 | Published in News
The federal deficit in June surpassed the $1 trillion mark for the second straight year, but it’s on pace to be slightly lower than last year.
The deficit was $1.005 trillion at the end of June for fiscal year 2010, which is $81 billion less than it was after nine months of fiscal 2009, according to a Congressional Budget Office (CBO) report released late Wednesday.
Tax revenues, due to improved corporate tax receipts, are slightly up while spending is slightly down compared to last year.
If that trend holds, the 2010 deficit would be slightly lower than last year’s $1.4 trillion budget shortfall, a record in nominal dollars, and lower than CBO’s earlier 2010 deficit projection of $1.5 trillion.