US government says budget deficit 1.4 trillion dollars

US government has posted released in a joint statement by Tim Geithner and Peter Orszag that its budget deficit is a whopping 1.4 trillion dollars.

U.S. Treasury Secretary Tim Geithner and White House Office of Management and Budget (OMB) Director Peter R. Orszag today released details of the final Fiscal Year 2009 budget results. In the statement the top financial bosses of the country have tried to emphasize on how the budgetary deficit has been below projections.

In the statement, they seem to be patting themselves in the back for the federal

deficit drop of $162 billion from a projected $1,580 billion in the August Mid-Session

Review (MSR) to the final figure of $1,417 billion.

According to the statement receipts for the fiscal year totaled $2,105 billion, while outlays totaled $3,522 billion taking Federal borrowing from the public net of financial assets up by $1,417 billion during FY2009, to $6,711 billion or 47.2 percent of GDP.

Click here to see the full copy of the statement.