The U.S. federal deficit is expected to be a record $1.8 trillion,
as tax receipts fall drastically. The federal government is expected
to take a record loss this year.
In what will be the worst year on record for the United States Treasury
since the Great Depression, federal tax receipts are 18 percent lower
than at this time last year.
The worst part of the news is that the receipts are only through June
of 2009. The budget year runs from October to September, meaning there
are three more months of receipts.
The Associated
Press reported Monday that the loss will make 2009 the worst year
for the federal government since the Great Depression.
Even numbers this bad were not expected, according to William Gale, of the non-partisan Tax Policy Center.
