Hope everyone is having a decent Monday. One item that’s worth noting this afternoon is the latest budget update from the U.S. Treasury. Turns out the June deficit came in at $94.3 billion, the first time there’s been a deficit for that month since 1991. It’s also the largest June deficit ever. The year-to-date tally of red ink? A record $1.1 trillion in the first nine months of the fiscal year that ends September 30, 2009.
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What a market. First a recommendation is made to buy GS and market goes up, then I read CIT is negotiating a bailout from the goverment. Aren’t bailouts suppose to be overwith? We’ll see what the market does with the CIT news tomorrow.