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October was another costly month for Uncle Sam. The Treasury Department reported on Thursday that federal coffers racked up a deficit of $176.4 billion for the month.
It was the 13th straight month of a reported monthly deficit. Treasury said it was the largest October deficit on record.
October is the first month of the government's fiscal year, and at this reading, the Treasury is estimating that the annual deficit will hit $1.5 trillion. That would top the $1.42 trillion registered for 2009, which was the highest annual deficit since 1945.
For the month, the Treasury took in $135.3 billion from various sources and spent $311.7 billion.
For tax year 2005, 134,372,678 individual tax returns were filed. Of those filed, 99,880,223 actually had a tax liability and actually paid taxes.
... The person charged with drafting President Obama's deficit-reduction plan is White House Budget Director Peter Orszag. Orszag told CNN on Thursday that the current deficit, as bad as it is, "is actually, ironically, helping the economy. The tax relief and additional spending helps to bolster demand when the economy is very weak."