From The Associated Press, 9/12/06:
http://www.msnbc.msn.com/id/14797832/
Record of $68 billion reached in July; foreign oil bill rises to a
historic level
WASHINGTON -
The U.S. trade deficit hit a record $68 billion in July as surging
global oil prices pushed America’s foreign oil bill to the highest
level in history.
The Commerce Department reported Tuesday that the July deficit jumped
5 percent from the June imbalance.
Analysts had expected the deficit to worsen slightly, but the overall
imbalance was worse than expected and surpassed the old monthly record
of $66.6 billion set last October.
So far this year, the deficit is running at an annual rate of $776
billion, putting the country on course to rack up a record annual
deficit for the fifth straight year.
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Harry
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