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The U.S. has reached the halfway point in its fiscal year but it has already racked up nearly $1 trillion in unpaid bills.
The U.S. federal government spent $957 billion more than it took in the first half of fiscal year 2009, which began October 1, 2008 and ends Sept 30, 2009, the U.S. Treasury reported on Friday.
The Obama administration has already said it expects the deficit this year to reach a record $1.75 trillion. President Obama has vowed to lower the deficit by half by the end of his four year term.
Looking ahead to fiscal year 2010, elected representatives from the House of Representatives and Senate have already approved voted to approve a plan.
House Democrat version of the budget would reduce the deficit to $1.2 trillion in fiscal 2010.
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