CBO: Deficit at $975B, on pace to top $1T mark for fiscal 2012Obama administration will have exceeded $1 trillion, each yr.
Posted 07 August 2012 - 08:55 PM
CBO: Deficit at $975B, on pace to top $1T mark for fiscal 2012
By Erik Wasson - 08/07/12 02:00 PM ET
The nonpartisan Congressional Budget Office (CBO) on Tuesday estimated that the federal budget deficit stands at $975 billion through July.
This guarantees that the deficit for fiscal 2012, which ends Sept. 30, will be above $1 trillion.
The deficit under each year of the Obama administration will have exceeded $1 trillion, after coming to $459 billion in 2008.
The deficit through the first 10 months of 2011 came to $1.1 trillion, $125 billion more than through the first 10 months of this year.
CBO reported that despite the budget battles between President Obama and Congress, spending is virtually identical this year to spending in 2011. Through July, the government spent $2.98 trillion, just $11 billion less than in 2011.
Revenues are up 6 percent this year compared to last year, accounting for most of the $125 billion difference.
The $114 billion in higher revenue came in part from higher corporate tax receipts due to a change in rules for how firms treat investments in read more http://thehill.com/b...75-billion-cbo-
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