In the Philedelphia Inquirer, Martin Crutsinger of the Associated Press reports, “Nine months into the fiscal year, the federal budget deficit has topped $1 trillion for the first time. The imbalance is intensifying fears about higher interest rates and inflation, and already pressuring the value of the dollar. But there also is concern about trying to reverse the deficit, by reducing government spending or raising taxes, in the midst of a harsh recession. The Treasury Department said yesterday that the deficit in June totaled $94.3 billion, pushing the total since the federal budget year started in October to nearly $1.1 trillion. The gap last month was the first deficit for any June since 1991.” Continue reading.