Deficit Running At Record Level Through August

By MARTIN CRUTSINGER, AP Economics Writer

WASHINGTON (AP) – The federal budget fell further into the red in August, pushing the deficit with one month left in the budget year to an all-time high.

The Treasury Department reported Thursday that the deficit through the first 11 months of this budget year totaled $483.4 billion, up 76.2 percent from the same period a year ago.

While that set an all-time high for a budget deficit through the first 11 months of a budget year, analysts say a surplus in September will push the deficit slightly below the current record-holder for an entire year, a $413 billion deficit set in 2004.

(Copyright 2008 by The Associated Press. All Rights Reserved.)