ABC News' Matthew Jaffe reports:
The government in May added $135.9 billion to its tab, bringing the total deficit for the first eight months of the fiscal year to $935 billion, the Treasury Department announced this afternoon.
The latest flood of red ink comes a day after Federal Reserve chairman Ben Bernanke told Congress that the country’s current fiscal path was “unsustainable” and six days after Treasury released a report that the total US public debt will hit $13.6 trillion this year and rise to $19.6 trillion in 2015.
However, this year’s budget deficit thus far is still slightly lower than last year’s shortfall was at the end of May 2009. Last year ended with a record $1.4 trillion deficit and the administration has projected that this year will end with a new record of $1.56 trillion.
- Matthew Jaffe