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. Musical fundraiser carries across generations
  2. Leechburg Area’s anti-bullying effort shows youngsters how to be BRAVE
  3. Stop nets 3 men on gun, drug charges in New Kensington
  4. A-K Valley campus clippings: Ex-Valley standout McNabb enters IUP Hall of Fame
  5. Guido: Burrell celebrates golden anniversary
  6. NK grocery store robbed
  7. Pittsburgh rises up for a 2nd year of Pirates magic
  8. Steelers’ Tomlin does not like his coaching style to be characterized
  9. September ranks with driest ever in Western Pa.
  10. Leader Times roundup: Kittanning girls volleyball team stays in playoff hunt
  11. State trooper shot and killed during training exercise
Subscribe today! Click here for our subscription offers.