November 02, 2003

Record fiscal deficit in the US

Bad news for US taxpayers and for the US (and world) economy:

That broke the previous record of more than $290 billion posted in fiscal year 1992. As a percentage of the economy, the deficit totaled 3.5 percent, the largest since 1993.


The record gap will likely fuel political bickering over the deficit. The previous record deficit was posted by President Bush's father, and was a major issue in his losing bid for reelection in 1992. In 2000, the government posted a record surplus of $236.92 billion.