The US Treasury seal is seen at the Treasury Building in Washington, DC. The Treasury's monthly statement of receipts and outlays shows the US budget deficit reached more than one trillion dollars for the current fiscal year in June as the government stepped up spending to counter recession. (AFP/File/Brendan Smialowski)Budget Deficit Tops $1 Trillion For First Time -- Yahoo News/AP
WASHINGTON – Nine months into the fiscal year, the federal 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. There's also concern about trying to reverse the deficit — by reducing government spending or raising taxes — in the midst of a harsh recession.
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MIDDLE EAST
Defeated conservative warns of Iran disintegration.
Iran to offer West 'new package'.
Netanyahu calls for peace summit with Palestinian leaders.
Britain revokes 5 arms export licenses to Israel.
Churches in Iraq targeted in bombings; 4 killed.
ASIA
China eases security as Urumqi gradually reopens. Police kill 2 Uighur men, wound 3rd in west China.
China rattles investors with detentions of executives.
Japan PM to call national elections next month. Japan's ruling party could lose power in elections.
Pakistan: Trial of Mumbai attackers to start next week.
East Timor rebels on trial for shooting president.
Maoist rebels kill 27 Indian police officers in ambush.
AFRICA
Guinea army on alert after attack threats: junta.
Darfur rebels threaten to boycott "chaotic" talks.
Africa's bitter cycle of child slavery.
Uganda willing to arrest al-Bashir for war crimes.
Mugabe calls for unity; slams Western nations.
Republic of Congo to hold Presidential election. Congo poll to open amid veto call. Low turnout may mar Congo Republic election.
EUROPE
5 militants, 3 police killed in Russia's Caucasus.
Russian President Medvedev visits separatist-held Georgian region.
Russia's Generation Z: Never question authority.
Demjanjuk charged over WWII killings.
Western gas pipeline secures European support.
AMERICAS
Honduras lifts curfew 2 weeks after military coup. Honduran rivals see U.S. intervention as crucial in resolving political crisis.
Mexican police, soliders killed in multi-city attacks by drug gang.
Tensions linger between Colombia and Ecuador.
Colombian Army seizes over 2 tons of cocaine belonging to FARC.
China's big move into Latin America.
TERRORISM/THE LONG WAR
Democrats push for probe into Bush anti-terrorism policies.
Renewed focus on foreign fighters and terrorist threats in Somalia.
Al-Qaeda group releases Swiss hostage in Mali.
German-Pakistani man jailed for supporting al-Qaeda.
Death sentence for Yemen attacks.
ECONOMIC/FINANCIAL CRISIS
US budget deficit at $1 trillion.
Think tank warns on UK finances.
US-China strategic-economic dialogue set for July 27.
Swiss tax rules lure McDonald’s from UK.
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