Posted: Jan 13, 2010 12:06 PM by Bea Karnes, News First 5
Updated: Jan 13, 2010 12:06 PM
The federal budget deficit hit an all-time high for the month of December, and the red ink for the first three months of the current budget year is rising at a more rapid pace than last year's record clip.
The Treasury Department said Wednesday that the deficit last month totaled $91.85 billion, the largest December deficit on record.
The massive tide of red ink, reflecting the continued fallout from a deep recession and a severe financial crisis, highlights the challenge facing President Barack Obama as he pledges to get control of runaway deficits.