U.S. loses almost $1 trillion in first half of fiscal year


According to the Congressional Budget Office, the U.S. government lost $953 billion in the first half of its fiscal year, which ended in March. If trouble with the economy deepens, that number may get much bigger than the Administration or CBO forecast.

The current budget does not take into account a prolonged period with unemployment above 9 percent -- and this may well be where the economy is heading. A huge shortfall in IRS receipts from either business or individual taxpayers could ruin plans for government spending to increase the number of jobs in the U.S.