US budget deficit hits record $1 trillion

The U.S. has set another milestone for public debt: a deficit of $94.3 billion in June pushed the budget deficit for the fiscal year to date to a record $1.08 trillion, Marketwatch reported, piercing the trillion mark for the first time in the nation's history.

Economists surveyed by Bloomberg News had expected the June deficit to total $97.0 billion.The budget deficit totaled $189.7 billion in May. A year ago, in June 2008, the government posted a $33.5 billion surplus.

In June, revenue, (formally known as receipts), increased 17 percent to $215.4 billion, while spending (outlays) increased 37 percent to $309.7 billion, Bloomberg News reported Monday.