Skip to main content
BUDGET

2012 Deficit to Top $1 Trillion

But will be smallest since 2009.

cheats/2012/01/31/2012-deficit-to-top-1-trillion/us-deficit-tops-1-trillion-4th-year-row-cs_wwz6x0

Joshua Roberts / Bloomberg / Getty Images

It’s still a big gap, but it’s slowly shrinking. The Congressional Budget Office said Tuesday that the annual federal deficit will hit $1 trillion in 2012, making that the fourth year in a row. But the shortfall will be the smallest since 2009, when the government began spending more to help drive the economy out of recession. The 2012 deficit is currently projected at $1.1 trillion, down from $1.4 trillion the previous three years.The CBO predicted that the deficit would fall sharply in 2013 as the Bush tax cuts expire and deep cuts to the Pentagon take effect.

Read it at The Washington Post

TRENDING NOW