CBO tallies 2012 deficit at $1.1T
By The Associated Press
Published: 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
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Keisel might be at end of Steelers career
- LaBar: Bryan winning world title at WrestleMania 30 is only option
- Valley’s Fields penalized for prematch handslap, leading to loss
- Sharks praise ex-teammate, newest Penguins player Goc
- Penguins’ leads evaporate in loss to Sharks
- Martin would consider extending stay with Pirates
- Uniontown man sentenced to 12 years for burglaries
- McKeesport middle school student struck by dump truck dies in hospital
- Wreck closed Leechburg Road in Lower Burrell until early Friday
- Penguins notebook: Kennedy struggling to find net in San Jose
- Westmoreland man’s walk in Niagara Falls State Park wasn’t allowed, police say