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U.S. 2011 FY deficit tops 1.23 trillion USD by August

(Xinhua)

09:13, September 14, 2011

WASHINGTON, Sept. 13 (Xinhua) -- U.S. Treasury Department announced Tuesday that the federal government's budget deficit in the 2011 fiscal year surpassed 1.23 trillion U.S. dollars by August, fresh evidence of the mounting fiscal challenge facing the world's largest economy.

For August alone, the U.S. federal government reported a 134.15 billion dollars budget deficit.

The federal government's revenue stood at 169.25 billion dollars in August, while its monthly outlays reached 303.4 billion dollars, the department said in a report.

The nonpartisan Congressional Budget Office (CBO) predicted last month that the U.S. federal government's budget deficit in fiscal year 2011 that ends in September will reach 1.28 trillion dollars, the third consecutive year that the federal government's red ink exceeds 1-trillion-dollar mark.

In the 2009 fiscal year, U.S. federal government's fiscal imbalance recorded an all time high level of 1.41 trillion dollars and fell slightly to 1.29 trillion dollars in the 2010 fiscal year.

The U.S. federal government is facing "significant and fundamental" budgetary challenges, Douglas Elmendorf, director of the CBO, said Tuesday at a hearing before the newly-formed bipartisan deficit reduction committee.

Elmendorf contended that putting the federal budget on a sustainable path would require significant changes in spending policies, tax policies, or both.

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