Treasury: Deficit Hits New Record in Just 3 Months

The politically sensitive deficit with China shrank by 17.5 percent to $23.1 billion in November, the smallest imbalance since June. The big drop reflected a record decline in imports from China as shipments of consumers goods, from cell phones to toys and clothing, all fell.

In this Aug. 28, 2008 file photo, a longshoreman readies a container for shipment at the APL...

In this Aug. 28, 2008 file photo, a longshoreman readies a container for shipment at the APL Terminal at the Port of Los Angeles. The Commerce Department said Tuesday, Jan. 13, 2009, the trade deficit plunged to the lowest level in five years in November as a deepening recession slashed demand for oil by a record amount. ( AP Photo/Damian Dovarganes, File)

(AP)

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