Obama administration on October 14, 2011 said that U.S. budget deficit during Fiscal 2011 (October 1, 2010 through September 30, 2011) ran $1.3 trillion, compared to Fiscal 2010 deficit of $1.29 trillion and Fiscal 2009 deficit of $1.41 trillion, respectively.
During Fiscal 2011, the government had to borrow 36 cents for every dollar it spent. Because of huge debt servicing, interest payments on the massive debt has become the single largest growth category in the government spending, running at a 15.7 percent clip to $227 billion during Fiscal 2011.
During Fiscal 2011, the government had to borrow 36 cents for every dollar it spent. Because of huge debt servicing, interest payments on the massive debt has become the single largest growth category in the government spending, running at a 15.7 percent clip to $227 billion during Fiscal 2011.
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