The US government has announced a massive 1.4 trillion dollars deficit for the nine months ending September 2009. This is the highest ever deficit recorded till date in the last four decades and is nearly three times the full year 2008 deficit of less than 500 billion dollars.
The US government is most likely to allow the housing scheme to end on November 2009, as it has already cost the government nearly three billion dollars. The US government also has to pump in more money into state coffers as most of the states are running without cash for the last few months.
US housing scheme to lapse