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October 5, 2012

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

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 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.

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