Treasury announces $140 billion October deficit
The Treasury Department announced today a monthly budget deficit of $140 billion for October. It was the first monthly budget deficit report for FY2011. October was the 25th straight month the U.S. has ended in the red.
This is a disappointing start to the fiscal year after FY2010 brought a $1.4 trillion deficit, the second worst since WWII. As the recent elections have exhibited, Americans are skeptical of the effectiveness of out-of-control spending touted as necessary for economic recovery and are are becoming increasingly that spending cuts represent the road to recovery.