CBO reports federal deficit dipped to $1.1 trillion in fiscal 2012

 

McClatchy Newspapers

The federal budget deficit dipped slightly to $1.1 trillion in fiscal 2012, the 12 month period that ended Sept. 30, according to a report released Friday by the nonpartisan Congressional Budget Office.

The figure was $200 billion less than the deficit recorded the previous year. This time, outlays dropped 1.6 percent last year, while receipts were up slightly. Here's some of the report:

"The 2012 deficit was equal to 7.0 percent of gross domestic product, CBO estimates, down from 8.7 percent in 2011, 9.0 percent in 2010, and 10.1 percent in 2009, but greater than in any other year since 1947. CBO’s deficit estimate is based on data from the Daily Treasury Statements; the Treasury Department will report the actual deficit for fiscal year 2012 later this month.

"The estimated deficit is $38 billion below what CBO projected in (its August report) because revenues were higher and outlays were lower than expected near the end of the fiscal year."

To read the full report: www.cbo.gov/publication/43656.

Read more Politics Wires stories from the Miami Herald

  •  
In this July 10, 2014 photo, a mailman delivers mail to a house for sale in Quincy, Mass. The National Association of Realtors reports on existing-home sales in June on Tuesday, July 22, 2014.

    US home sales increase 2.6 percent in June

    Sales of previously owned homes rose for a third straight month in June, pushing activity to the highest level in eight months and providing evidence that housing is regaining lost momentum.

  •  
In this Wednesday, June 4, 2014 photo, Baltazar Rosado, of Hollywood, Fla., pumps gasoline into his car at a Chevron gasoline station in Pembroke Pines, Fla. The Labor Department reports on U.S. consumer prices in June on Tuesday, July 22, 2014.

    US consumer prices up 0.3 percent in June

    U.S. consumer prices rose in June at a slightly slower pace than in May with two-thirds of the June advance driven by the largest jump in gasoline prices in a year.

  • Md. parents allegedly locked up autistic twin sons

    Police in Maryland say a couple kept their autistic, 22-year-old twin sons locked in a basement room at night for years with no furniture and only a tiny window for light.

Miami Herald

Join the
Discussion

The Miami Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

The Miami Herald uses Facebook's commenting system. You need to log in with a Facebook account in order to comment. If you have questions about commenting with your Facebook account, click here.

Have a news tip? You can send it anonymously. Click here to send us your tip - or - consider joining the Public Insight Network and become a source for The Miami Herald and el Nuevo Herald.

Hide Comments

This affects comments on all stories.

Cancel OK

  • Marketplace

Today's Circulars

  • Quick Job Search

Enter Keyword(s) Enter City Select a State Select a Category