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Trade Deficit Hits Record of $268.7 Billion

Published 07/14/08 Jeff Bennett - Print Article
E-mail - editor@economyincisis.org

The U.S. federal deficit sky-rocketed to the third-highest on record as spending soared above revenues, totaling $268.7 billion during the first nine months of the budget year, according to Team Fred Team.

American companies are fleeing domestic soil and unfair trade blocs like NAFTA and the WTO, compromise America’s ability to maintain a strong workforce and compete in global markets. America needs more productivity to reverse this deficit. Our independence and future freedoms cannot be maintained by a reliance on foreign imports and financing.

Source Team Fred Team:

The Treasury Department says the federal deficit swelled to $268.7 billion in the first nine months of this budget year as record spending during the period outpaced revenues.

…

The new year-to-date deficit of $268.7 billion was the third-highest on record. A flood of tax rebates, aimed at stimulating the sluggish economy, left the government's coffers and contributed to the bigger deficit, according to an analysis by the Congressional Budget Office.

Spending totaled $2.2 trillion, while revenues came to $1.93 trillion.

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