Nine months into the fiscal year, the U.S. federal budget deficit has surpassed $1 trillion for the first time in history, the Treasury Department said Monday. The Treasury said the deficit in June totaled $94.3 billion, pushing the total since the fiscal year began in October to almost $1.1 trillion. The deficit has been fueled by the huge government expenditures to fight the recession and financial crisis, combined with a sharp decline in tax revenues caused by the recession and rising unemployment. Paying for conflicts in Iraq and Afghanistan also is a significant factor.
