December Budget Deficit Hits $91.9 Billion, $389 Billion So Far In Fiscal 2010
The December budget numbers are out and they are ugly. December was the record 15th straight budget deficit in a row with -$91.9 billion more in outflows than inflows, compared to a $51.8 billion deficit in December of 2008. Fiscal 2010 budget deficit so far is -$388.5 billion, and $1.47 trillion for the trailing twelve months.
As Zero Hedge pointed out previously, $14 billion in December was spent on jobless benefits alone, double the prior year's spending. The government spent $1.416 trillion more than it took in during all of fiscal 2009. Spending on interest has hit $52 billion in FY 2010 (three months into the year).