U.S. deficit hits $1 trillion for the year

WASHINGTON, July 13 (UPI) -- The U.S. budget deficit so far this fiscal year was pushed over the $1 trillion mark in June, the Treasury Department said Monday.

The federal government took in $215.3 billion last month but spent $309.6 billion for another $94.3 billion in red ink that brought the year-to-date total to a record $1.08 trillion, MarketWatch reported.

The government spent $189.7 billion more than it took in in May. A year ago, the federal deficit was $285.8 billion at this stage of the fiscal year.

The Obama administration had projected a $1.84 trillion shortfall by the end of the fiscal year in September but that projection could be low. The administration forecasts a $1.26 trillion deficit for the next fiscal year.

CNNMoney.com reported some economists and the Congressional Budget Office had forecast a $97 billion shortfall for June. But the $94.3 billion was still the largest ever for the month and the first time there has been a deficit in June since 1991, CNNMoney.com said.