4.01 PM Thursday, 29 February 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 05:26 06:39 12:34 15:52 18:24 19:37
29 February 2024

US faces record deficit this year

Published
By AFP

The US budget deficit will hit a record ê1.65 trillion this year, or 10.9 percent of GDP, according to figures in President Barack Obama's 2012 budget.

The increase -- up from ê1.29 trillion in 2010 -- comes after Congress extended a massive package of tax cuts and spending on unemployment benefits.