While larger than the GDP of all but a handful of countries, the $111.40 US government budget deficit for the month of August was actually smaller than expected. Economists had expected a $152 bln gap. Part of the difference may be due to some August expenses being pushed up into July because of the way the calendar fell. That was worth $25 bln.
Year to date, the deficit is at $ 1.378 trln versus $500 bln for the same period last year. Just two months to go before we close the books on fiscal 2009.
