Treasury Secretary Timothy Geithner
The Treasury Department is projecting the U.S. will run a record deficit of $1.47 trillion for fiscal year 2010, eclipsing last year’s record of $1.42 trillion.
The government did run a smaller deficit in July than it did in the same month last year, and overall is spending less this fiscal year than last.
According to the Wall Street Journal, so far in 2010, the government has spent $1.169 trillion more than it accumulated in revenues. That figure is about $98 billion lower than the comparable time period a year ago. The deficit for July was roughly $165 billion, compared with almost $181 billion in July 2009. Year-to-date revenues were $1.75 trillion, compared with $1.74 trillion in the first 10 months of fiscal 2009. Spending to date is $2.92 trillion, compared to $3.01 trillion a year ago. Spending for benefits for the unemployed continues to run high, accounting for $121.4 billion year to date.
