| COMMENTARY |
| Budget deficit in U.S. grew to $134.2 billion in August on calendar effect The U.S. government’s budget deficit widened in August, primarily reflecting a calendar- related jump in spending compared with the same month last year. The gap climbed to $134.2 billion last month, exceeding the August 2010 shortfall of $90.5 billion, according to the Treasury Department’s monthly budget statement. For the fiscal year to date, the deficit increased to $1.23 trillion, less than at the same point in 2010. Improved income-tax collections and efforts to cut spending signal the deficit will stop climbing, according to government and Wall Street analysts. The drive to limit debt prompted President Obama to send a $447 billion job-growth package to Congress this week that he stressed would be paid for with offsetting reductions in outlays and increases in tax revenue over the next decade. Congress has assigned a special 12-member panel the task of finding as much as $1.5 trillion in additional savings under the terms of the debt-ceiling deal reached in early August. The committee’s plan is to be submitted to Congress with a vote before the end of the year. |
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