CNSNews.com - Annual Federal Deficit Will Hit $1 Trillion This Month--With 3-Plus Months to Go in Fiscal Year

CNSNews.com - Annual Federal Deficit Will Hit $1 Trillion This Month--With 3-Plus Months to Go in Fiscal Year

(CNSNews.com) – With the federal government borrowing an average of $3.9 billion per day day, the annual federal deficit is set to exceed $1 trillion by June 16, with three-and-a-half months still to go in fiscal year 2010, according to data released Friday by the Congressional Budget Office (CBO).

The Office of Management and Budget is projecting that this year’s federal deficit will be 10.6 percent of GDP. That would mark the first time since World War II that the federal government has run a deficit that reached double digits as a share of GDP.