11 Apr 2009

US budget deficit nears $US1 trillion: Treasury

9:13 am on 11 April 2009

The US budget deficit rose in March to almost $US1 trillion in the first half of the current fiscal year as the government moved to bail out troubled institutions.

The Treasury's monthly statement of receipts and outlays on Friday showed the deficit for the first six months of the fiscal year which began on October 1 was $US956.80 billion.

All six months of the fiscal year so far have recorded red ink.

The Congressional Budget Office forecast last month the budget deficit could hit $US1.845 trillion for the whole year based on President Obama's $US3.5 trillion budget plan approved by Congress earlier this month.