U.S. budget deficit a record $1.417 tillion

The U.S. government posted a record-large $1.417 trillion deficit for its recently ended fiscal year, the U.S. Treasury said on Friday.

The figure was $162 billion less than the White House had forecast in August, largely because of lower-than-expected spending out of the Troubled Assets Relief Program to rescue banks and other firms.

(Reporting by Emily Kaiser; Editing by Neil Stempleman)