Deficit grew by $181 billion in July Bailouts for financial firms and billions in tax revenue lost because of the recession drove the deficit to a record $1.3 trillion in July, according to the independent Congressional Budget Office (CBO). Tax receipts that have fallen due to the poor economy and increased spending to save car [...]
Filed under: Blog Entry | Tagged: Barack Obama, Budget Deficits, CBO, Congress, Congressional Budget Office, Democrats, Economy, National Debt, Timothy Geithner | 2 Comments »
