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Federal deficit tops $1 trillion for fourth year
Posted: Oct 12, 2012 12:07 PM by The Associated Press
WASHINGTON (AP) - The federal budget deficit has topped $1 trillion for a fourth straight year. But the deficit for the just-ended 2012 budget year is $207 billion less than last year.
The deficit totaled $1.1 trillion for 2012. The government's revenue was boosted by a modest improvement in economic growth. Tax revenue rose 6.4 percent to more than $2.4 trillion.
The government's revenue rose as more people got jobs and received income. Corporations also contributed more tax revenue.
Government spending fell 1.7 percent to $3.5 trillion. The decline reflected in part a drop in defense spending as U.S. military involvement in Iraq was winding down.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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