Reprinted from Channel News Asia
WASHINGTON, 15 October 2008: The US budget deficit tripled in the 2007-2008 fiscal year ended September 30, 2008 to 455 billion dollars or 3.2 percent of gross domestic product, official data showed on Tuesday 14 October 2008.
"This year's budget results reflect the ongoing housing correction, and the manifestations of that in strained capital markets and slower growth," said Treasury Secretary Henry Paulson in a statement.
WASHINGTON, 15 October 2008: The US budget deficit tripled in the 2007-2008 fiscal year ended September 30, 2008 to 455 billion dollars or 3.2 percent of gross domestic product, official data showed on Tuesday 14 October 2008.
"This year's budget results reflect the ongoing housing correction, and the manifestations of that in strained capital markets and slower growth," said Treasury Secretary Henry Paulson in a statement.
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