国际英语新闻：U.S. federal deficit hits $1.38 trln

WASHINGTON, Sept. 11 (Xinhua) -- The U.S. federal deficit has topped 1.38 trillion dollars with one month left in this fiscal year, according to Treasury Department statistics released on Friday.

    The Department reported that the U.S. federal government spent 111.4 billion dollars more than it made in August, pushing the red ink so far in the current fiscal year to a new record.

    The huge deficit in the 11 months of the current fiscal year started in October was more than triple the amount of red ink incurred during the year-ago period.

    The deficit for all of 2008 was 454.8 billion dollars.

    The Obama administration is forecasting that the budget deficit would rise to an all-time high of 1.58 trillion dollars in the current fiscal year.

    The new forecast was lower than the 1.84 trillion dollars estimated in February.

    However, under the administration's new estimates, the deficit will total 9.05 trillion dollars from 2010 to 2019.

    The worsening budget deficit reflects the soaring costs of the government's economic stimulus package and financial rescue program, and the recession, which has resulted in sharp decline in tax revenue.

    While tax revenues are down, the government is paying out more than expected for unemployment benefits and food stamps.