US budget deficit soars to record in $485.2 billion in first quarter
The US budget deficit soared to a record $485.2 billion in the federal government's fiscal first quarter,, the US Treasury Department announced, as the government implemented its financial system stabilization plan.
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.