WASHINGTON-The federal budget deficit is on pace to break the $1 trillion mark for a third straight year. Record deficits are putting pressure on Congress and the Obama administration to come up with a plan to rein in government spending.
Already, the deficit through the first eight months of this budget year is $927.4 billion, according to the latest report from the Treasury Department released Friday.
Three years ago that would have ranked as the highest ever for a full year.
Instead, this year’s deficit will likely exceed last year’s $1.29 trillion imbalance and nearly match the $1.41 trillion record reached in 2009. The budget year ends on Sept. 30.
For May, the monthly deficit was $57.6 billion. That compared to $135.9 billion deficit for the same month last year.