Deficit Tops $1 Trillion…Again

Take that, Romney. The federal deficit topped $1 trillion for a fourth year in a row, but was down $207 billion from last year—a noteworthy improvement. The Treasury Department announced the $1.1 trillion total deficit for the 2012 budget Friday, which showed a 6.4 increase in tax revenue from last year. The government’s revenue grew in conjunction with job and income growth, while government spending was down 1.7 percent to $3.5 trillion. That dip was in part a reflection of less defense spending in Iraq as U.S. troops came home. Obama has pledged to cut deficits by $4 trillion over the next decade if reelected by ending Bush-era income tax cuts for higher-income Americans and by cutting back on spending—something he’s already achieved.