ECONOMY

New Milestone Looms: The Trillion-Dollar Deficit

Declining revenue and the soaring costs of shoring up the economy could push the budget into new territory.

by John Maggs

Saturday, Nov. 1, 2008


In 2009, it is possible that the U.S. budget deficit for a single fiscal year will reach $1 trillion. The red ink could have big implications on interest rates, the willingness of Congress to tackle entitlement spending, and the fate of tax cuts set to expire in 2011.

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