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Thursday 8 January 2009 -
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$1.2 trillion deficit in the US for the 2008/2009 period
The American Congress Budget Office (CBO) announced today that it expects a $1.2 trillion deficit for the 2008/2009 period. This estimate does not take into account the plan Obama is preparing, which is expected to cost between $700 billion and $1 trillion.
Such a deficit represents 8.3% of the American GDP. To compare, the last budget year (closed in September 2008) ended with a $438 billion deficit, 3.1% of the GDP.
President-elect Barack Obama, aware of the situation, created the function of Budget controller who will have, as its name indicates, to control precisely the expense of the future administration.
Francois-Xavier Motte
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