$125B Federal Deficit Posted for May


The U.S. government ran a $125 billion budget deficit in May, which Reuters reports is more than twice the deficit posted in May 2011.

Economists worry another budget impasse like the one that cost the United States its AAA credit rating last year could be in store at the end of 2012, potentially derailing a fragile economic recovery. …

Under the government's accounting system, October is the opening month of fiscal 2012. During fiscal 2011 which ended September 30, the budget deficit totaled $1.296 trillion.