| News

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

CBO tallies 2012 deficit at $1.1T

Email Newsletters

Sign up for one of our email newsletters.

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.

Subscribe today! Click here for our subscription offers.



Show commenting policy

Most-Read Stories

  1. Founder of Z&M Cycle Sales in Hempfield killed in Florida motorcycle crash
  2. Starkey: Tomlin lived in his fears
  3. Increasing player salaries pinch financial flexibility of Pirates
  4. Slain St. Clair officer walked into ‘worst nightmare’ for police
  5. W.V. entrepreneurs offer hope as coal fades as economic engine
  6. Penguins’ reshuffled top line of Crosby, Dupuis, Kunitz looks familiar
  7. 7 percent in Allegheny County allowed to carry concealed gun
  8. 2,200 union employees of ATI lose coverage
  9. U.S. Marine found guilty of killing transgender Filipino
  10. Film session: Long shots dotted Steelers’ passing game
  11. Steelers receiver Wheaton takes advantage of opportunity in breakout game