US budget deficit hits record $1.4 trillion
The US budget deficit hit a record $1.4 trillion in the just-ended fiscal year, the government said on Friday, as the deep recession and a series of bank rescues cut a gaping hole in public finances.
The US government ran a budget deficit of $129 billion in July, the Treasury Department reported Wednesday, pushing the fiscal year-to-date deficit close to $1.1 trillion.