Friday, October 9, 2009  2008–09 financial crisis More articles about the 2008-09 financial crisis on Wikinews: China prepared to support eurozone countries hit by financial crisis UK interest rates remain at 0.5% US unemployment rate down to ten percent European Union emerges from recession US unemployment rate surpasses 10% Read more about the 2008-09 financial crisis on Wikipedia According to the US Congressional Budget Office (CBO), the US budget deficit reached a record $1.4 trillion in the fiscal year to September 30. The deficit was about 9.9% of the country's GDP, over three times the level in 2008 and the highest since the Second World War ended. Economical analysts had initially predicted a deficit of $1.6 trillion. The deficit was blamed on decreased tax revenues and higher government spending. The CBO also said on Wednesday that tax revenue dropped by 17%, or $420 billion, to its lowest level for over half a century. The previous record deficit was in 2008, at $459 billion. "US deficit 'hits record $1.4tn'" — BBC News, October 8, 2009 "U.S. Deficit for 2009 Totals $1.4 Trillion, Budget Office Says" — Bloomberg, October 8, 2009
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