The federal budget deficit increased in June as spending surged and tax receipts sunk, pushing the total budget shortfall to over $1 trillion in the first 9 months of the fiscal year, according to a government report released Monday. The Treasury Department said the June deficit was $94.3 billion, a reversal of fortune from the $33.5 billion surplus the government managed in June 2008. In May, the deficit was $189.7 billion, according to a report of CNNMoney.com.
