April 10th, 2009
01:20 PM ET
9 years ago

U.S. budget gap grows to $957 billion

The government has been spending at a record pace recently in an effort to pull the economy out of recession, jumpstart lending, and recapitalize the nation's financial system.

The government has been spending at a record pace recently in an effort to pull the economy out of recession, jumpstart lending, and recapitalize the nation's financial system.

NEW YORK (CNNMoney.com) – The government said Friday the federal budget deficit for the first half of fiscal 2009 jumped to $956.8 billion, more than $500 billion above the gap for all of the prior fiscal year.

The Treasury Department said the federal budget deficit grew by $192.3 billion in March, according to the report released Friday.

Economists were expecting the budget deficit to grow by $160 billion in March, according to a consensus estimate compiled by Briefing.com.

In February, the government added $192.8 billion to the deficit. Last March, the government added $48.2 billion to the deficit.

The deficit for the year that began in October is 110% above the $454.8 billion gap in all of fiscal 2008.

The government has been spending at a record pace recently in an effort to pull the economy out of recession, jumpstart lending, and recapitalize the nation's financial system.

Filed under: Budget • Treasury Department
soundoff (34 Responses)
  1. Mississippi Mike

    You must have your numbers wrong. Obama was going to cut the deficit in half not double it. It's impossible for Obama to lie or go back on his word so while the growth of the deficit looks startling, it's actually shrinking in a very real way that the rest of us aren't able to understand with our inferior intellects.

    April 10, 2009 02:43 pm at 2:43 pm |
  2. valwayne

    Obama is moving forward with more spending, taxes, debt, and printed money than in the history of the world!

    April 10, 2009 02:45 pm at 2:45 pm |
  3. Chi Town

    "The government has been spending at a record pace recently"

    And are no where near finished... many more wishlist programs to go.

    April 10, 2009 02:46 pm at 2:46 pm |
  4. se

    May God have mercy upon each one us !!

    April 10, 2009 02:48 pm at 2:48 pm |
  5. Mike in NYC

    Whew, what a relief! I thought it was an even trillion.

    Really, this is surreal, having deficits of the same order of magnitude as the national debt.

    April 10, 2009 02:50 pm at 2:50 pm |

    I commmend Ben Bernanke, Sheila Bair, Timothy Geithner, and President Obama for being proactive.....if we had not tried to battle deflation(recession), we would be suffering way more...... America will return, and Obama will not always have to pump this much money into the system......

    April 10, 2009 02:52 pm at 2:52 pm |
  7. Me in Big D

    DemocRAT mantra – spend baby spend!

    April 10, 2009 02:55 pm at 2:55 pm |
  8. Drew

    I'm a Democrat and voted for President Obama...but I have to say...the amount of money going out Treasury's door is scary one hand and insulting on the other. How in God's name can we expect responsibility in the budget when the government is spending more money than it can count faster than it can keep track of?

    April 10, 2009 02:58 pm at 2:58 pm |
  9. Larry

    No problem-Obama will just print up some more money.We 're going to borrow our way out of debt,yeah that will fix it.

    April 10, 2009 02:59 pm at 2:59 pm |
  10. Dan, TX

    Call back the money from the banks. We want our money back.

    April 10, 2009 03:01 pm at 3:01 pm |
  11. Chris

    Spend, spend, spend, those in Washington have no concern about what happens in the next 5 to 10 years. We are in so much trouble and the overwhelming majority of people either doesn’t care or will not let themselves believe it.

    In less than two years, we as a country can begin to change the course by really looking and voting for third party candidates, this would send a message to the white house and captial building.

    April 10, 2009 03:01 pm at 3:01 pm |
  12. bk

    Nothing more than a power grab and pork barrel spending. We continue to lose over 600,000 jobs. STOP SPENDING!

    April 10, 2009 03:03 pm at 3:03 pm |
  13. Fair is Fair

    I've got a GREAT idea!

    Let's get another credit card to pay off the interest on the last credit card!

    April 10, 2009 03:03 pm at 3:03 pm |
  14. dumbocrat alert

    No need to worry, Barry is on the job.

    April 10, 2009 03:17 pm at 3:17 pm |
  15. Jon in CA

    FOR THE RECORD: Obama has DOUBLED the deficit!!

    Hey CNN – the last sentence of the article shows how you're nothing more than the Administration "mouth piece":

    "The government has been spending at a record pace recently in an effort to pull the economy out of recession, jumpstart lending, and recapitalize the nation's financial system."

    I'm sure Obama is glad to know the media continues to "sell" his justification for Euro-Socialistic experiment.

    April 10, 2009 03:18 pm at 3:18 pm |
  16. JP

    Is that the change we can believe in.

    April 10, 2009 03:24 pm at 3:24 pm |
  17. Hammer

    Not to worry our gang (Nancy,Harry and Barney) along with the President and his men is not worried about such a trivial amount.
    After all the banks that they gave trillions of dollars to is starting to show a profit from lending the taxpayers their tax money at 5% and up. And most of the banks say that they might need more money just yet.
    Some day the government may get around to the middle class that Obama promised so much, just not any day soon.

    April 10, 2009 03:30 pm at 3:30 pm |
  18. Dae NYC

    This should be no surprise to anyone who is keeping track of the *trillions* we are spending trying to resuscitate our tanking economy.

    But hey what do you expect, our economy has been practically strangled to death these last 8 years with tax cuts for Wall St Execs, and a "free-market" ideology that has no basis in reality.

    Now we need to spend money in order to invest in a completely new 21st century economy, and we elected the right party to do that. 8 years from now we'll be riding record surpluses, just like the last time a Democrat was elected!

    April 10, 2009 03:32 pm at 3:32 pm |
  19. jvs

    When will the spending above our means stop for the Govt.? This is not a Democrat/Repubilcan issue, this is a Govt. problem. Doesn't anyone see a problem with these decifits? I hear our Govt. is talking another stimulus, wait a minute, what happened to the original stimulus? I don't think much of it has been spent yet, just use that money NOW instead of in 2011~2012.

    April 10, 2009 03:35 pm at 3:35 pm |
  20. Michael in MN

    The Tea Party movement people. Check it out. It's our only hope to preasure Washington to rethink their out of control spending and come up with real solutions that we can actually pay for. The only possible outcome of the present direction is a bankrupt government that or much higer taxes for even the middle class. If the government goes bankurpt there will be no money for health care or green energy or education or unemployment or police or firedepartments or national security or defense. Think about it. The best we can do is what we can actually afford. The alternative is we will eventually have nothing.

    April 10, 2009 03:35 pm at 3:35 pm |
  21. Kevin

    All the more reason to take a stand and show support for your local TEA Party on April 15th.

    The spending in Washinton is Bankrupting us and our children.

    April 10, 2009 03:54 pm at 3:54 pm |
  22. phoenix86

    This must be the change that the Obamabots fought so hard to implement. What a joke. It shows that over 50% of American voters are completely gullible and focus only on the "show" and not the character.

    April 10, 2009 04:05 pm at 4:05 pm |
  23. reeba

    On April 15, be part of the Taxed Enough Already (TEA) party rally in your community
    On the day you pay your taxes, Wednesday, April 15, join others across the country and in your hometown who will be participating in TAX Day TEA party rallies in front of their city halls. The TAX Day TEA party rally will begin at 12 noon

    April 10, 2009 04:11 pm at 4:11 pm |

    You cant fix the economy by throwing money at it.All this will do is cause inflation. You have to cut taxes and lower federal and state spending that is the only thing that will help.Throwing money at this is only gonna make it worse if we keep it up we are gonna be worse off than in the 1930s.I think its time to bring back a gold or silver standard for our money

    April 10, 2009 04:17 pm at 4:17 pm |
  25. Lori

    Whatever it takes to wrong the mess that the Republicans created. The GOP's so-called economic plan has the taxpayers footing a hefty bill as well. Keep on doing what you're doing Mr. President. There are glimmers of hope that our economy is getting better. Thank you!

    April 10, 2009 04:32 pm at 4:32 pm |
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