Academic

CHANGE: The federal deficit climbed higher into record territory in July, hitting $1.27 trillion ?

By Glenn Reynolds

CHANGE:

The federal deficit climbed higher into record territory in July, hitting $1.27 trillion with two months remaining in the budget year.

The Treasury Department said Wednesday that the July deficit totaled $180.7 billion, slightly more than the $177.5 billion economists had expected.

The Obama administration is projecting that when the current budget year ends on Sept. 30, the imbalance will total $1.84 trillion, more than four times last year’s record-high.

The soaring deficits have raised worries among foreign owners of U.S. Treasury securities including the Chinese, the largest holder of such debt.

I can’t imagine why.

Full post as published by Instapundit.com on August 12, 2009 (boomark / email).