US begins new fiscal year in the red

WASHINGTON, Nov 13, 2009 (AFP) - The US government has begun its new fiscal year in the red, posting a 176.364 billion dollar deficit in October, the biggest on record for the month.

The October figure, which was reported Thursday by the US Treasury, was worse than the 165 billion dollar deficit analysts had expected.

The 176.364 billion dollar shortfall was the fifth biggest monthly deficit ever, and the worst ever for the month of October.

It came just a month after the United States closed its 2008-2009 fiscal year with a record deficit of more than 1.417 trillion dollars. The White House expects a 1.502 trillion dollar deficit in fiscal 2010.

Source: AFP

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