U.S. Fiscal Deficit Surges to $455 bn in FY2008: Govt Bailouts and Recession Making the Deficit Unsustainable?

U.S. Fiscal Deficit Surges to $455 bn in FY2008: Govt Bailouts and Recession Making the Deficit Unsustainable?

* FY2008 fiscal deficit rose 181% to $454.8 bn (3.2% of GDP, largest since 2004) from $161.53 bn in FY2007 (1.2% of GDP) as financial crisis and economic slowdown caused revenues to fall -1.2% y/y (first time since 2003) with decline in corporate (-17.8%) and individual income tax (-1.5%) revenues

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