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US government deficit hits record high

Associated Press / November 13, 2009

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WASHINGTON - The US government deficit hit a record for October as the new budget year began where the old one ended: with the government awash in red ink.

Economists worry that if such a deficit continues it could push up interest rates, further dragging on the fragile economic recovery.

The Treasury Department said yesterday that the deficit for October totaled $176.4 billion, the fifth-largest monthly deficit ever and the 13th straight month to show a deficit - another record.

The deficit for the 2009 budget year set an all-time record in dollar terms of $1.42 trillion. That was $958 billion above the 2008 deficit, the previous record.