Asia-Pacific

US federal deficit to reach $1.65 trillion in 2011

(Xinhua)
Updated: 2011-02-14 22:58

WASHINGTON - US federal deficit in fiscal year 2011 is expected to top historic high level of $1.645 trillion, according to details of the budget proposal provided by the White House before its official release on Monday.

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The proposal also projects that the budget red ink in 2012 will fall to $1.101 trillion. It will be the fourth year in a row that the US fiscal deficit surpasses 1-trillion-dollar mark.

In 2010, the US budget deficit hit $1.29 trillion after it recorded $1.42 trillion  in 2009.

Although the Americans vowed to cut deficit and restore fiscal discipline, the serious austerity policy is not in the near term.