Deficit increased $181 Billion in month of July!

Bailouts for financial firms and billions in tax revenue lost because of the recession drove the deficit to a record total of $1.3 trillion in July.

Tax receipts that have fallen due to the poor economy and increased spending to save car companies, banks and mortgage firms were major contributors to the federal deficit, according to CBO, which provides official budget numbers for Congress. The federal deficit grew by another $181 billion in the month of July.

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