US budget deficit hits $1.16 trillion through Aug

By: Associated Press Email
By: Associated Press Email

WASHINGTON (AP) -- The U.S. federal budget deficit increased by $191 billion in August and has topped $1 trillion for the fourth straight year.

The Treasury Department says the deficit for the first 11 months of the 2012 budget year, which ends Sept. 30, totaled $1.16 trillion. That's 6 percent less than the same period last year. Tax receipts are higher because of modest improvements in the economy.

Thursday's announcement means that President Barack Obama has run trillion-dollar deficits each year in office. Republican presidential candidate Mitt Romney has criticized Obama for failing to cut the deficit in half, as Obama pledged to do in early 2009.

The White House in July forecast that the budget gap will total $1.2 trillion this year, down from $1.3 trillion last year.


KKCO firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKCO 11News.

powered by Disqus
KKCO NBC 11 News 2531 Blichmann Avenue Grand Junction, CO 81505 Station Phone: 970.243.1111 Business Fax: 970.243.1770 Newsroom Fax: 970.245.3793 News Tip & Contest Line: 970.255.8477
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 169658816