WASHINGTON - US federal deficit in fiscal year 2011 is expected to top historic high level of $1.645 trillion, according to details of the budget proposal provided by the White House before its official release on Monday.
The proposal also projects that the budget red ink in 2012 will fall to $1.101 trillion. It will be the fourth year in a row that the US fiscal deficit surpasses 1-trillion-dollar mark.
In 2010, the US budget deficit hit $1.29 trillion after it recorded $1.42 trillion in 2009.
Although the Americans vowed to cut deficit and restore fiscal discipline, the serious austerity policy is not in the near term.