The federal government continued to run up substantial deficits last month though they were less than projected, the Treasury Department reported today.
The deficit was $111.4 billion in August, a slight decrease from the $114.9 billion in August 2008. Some economists predicted the deficit would be $152 billion last month.
For the first 11 months of the fiscal year that ends on Sept. 30, the deficit so far is $1.38 trillion, the highest in history.
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Last month, the Obama administration predicted that the deficit for the full fiscal year would be $1.58 trillion. The deficit for the fiscal year that ended last Sept. 30 was $455 billion.
The department also reported that spending declined 4.5% last month to $256.9 billion and revenue fell 7.3% to $145.5 billion.
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