Federal deficit sets October record of $176.4B

WASHINGTON — The federal deficit hit a record for October as the new budget year began where the old one ended, with the government awash in red ink.

WASHINGTON — The federal deficit hit a record for October as the new budget year began where the old one ended, with the government awash in red ink. The Treasury Department says the deficit for October totaled $176.4 billion, even higher than the $150 billion imbalance that economists expected. The deficit for the 2009 budget year, which ended on Sept. 30, set an all-time record in dollar terms of $1.42 trillion. That was $958 billion above the 2008 deficit, the previous record holder. Economists worry such deficits could push up interest rates, adding a further drag on the fragile economic recovery. Copyright 2009 The Associated Press.

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