TribLIVE

| News


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

CBO tallies 2012 deficit at $1.1T

Daily Photo Galleries

By The Associated Press
Friday, Oct. 5, 2012, 1:38 p.m.
 

WASHINGTON — A new estimate puts the deficit for the just-completed 2012 budget year at $1.1 trillion, the fourth straight year of trillion dollar deficits on President Barack Obama's watch.

The result was a slight improvement from the 2011 deficit of $1.3 trillion.

The bleak figures from the Congressional Budget Office, while expected, add fodder for the heated presidential campaign, in which Obama's handling of the economy and the budget is a main topic. Friday's release came as the government announced that the unemployment rate dropped to 7.8 percent last month, matching the rate when Obama took office.

The administration will release the official deficit numbers around mid-October, but they should line up closely with the CBO estimate, which shows that the government borrowed 32 cents for every dollar it spent.

 

 
 


Show commenting policy

Most-Read Stories

  1. Salvation Army kicks off annual kettle campaign
  2. Deer processing fee waived for Hunters Sharing the Harvest participants
  3. Black Friday trends, tactics change, but Americans still love bargains
  4. Steelers notebook: Injury to RT Gilbert opens door for Adams to start
  5. About convention idea
  6. Police identify driver in North Side crash that killed pregnant woman
  7. No federal funds to help enforce Pa. ban on texting by drivers
  8. Stakes high as ex-Saints receiver Moore faces his former team
  9. Allegheny County Council wants to hike members’ $3K expense accounts
  10. Bushy Run Battlefield upgrades to include trail, signs, landscaping
  11. Pipeline project could bring thousands of construction jobs to Burrell Township
Subscribe today! Click here for our subscription offers.