Federal Deficit Tops $1 Trillion for Fourth Year
The federal budget deficit has topped $1 trillion for a fourth straight year. But the deficit for the just-ended 2012 budget year is $207 billion less than last year.
The deficit totaled $1.1 trillion for 2012. The government’s revenue was boosted by a modest improvement in economic growth. Tax revenue rose 6.4 percent to more than $2.4 trillion.
The government’s revenue rose as more people got jobs and received income. Corporations also contributed more tax revenue.
Government spending fell 1.7 percent to $3.5 trillion. The decline reflected in part a drop in defense spending as U.S. military involvement in Iraq was winding down.
(Copyright 2012 by The Associated Press. All Rights Reserved.)