National

Jan 13, 2010 2:06 PM by Bea Karnes, News First 5

December budget deficit sets record

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.

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