Posted: Nov 13, 2012 11:11 AM by The Associated Press
Updated: Nov 13, 2012 11:22 AM
WASHINGTON (AP) - The federal government started the 2013 budget year with a $120 billion deficit, an indication that the nation is on a path to another $1 trillion-plus deficit.
The Treasury Department says the October deficit was 22 percent higher than the same month last year. Officials said last year's October deficit was lower than expected because of calendar quirk that allowed some benefits to be paid in September 2011.
The budget year begins on Oct. 1.
The government has run deficits in excess of $1 trillion in each of the last four years. President Barack Obama and Congress are under pressure to come up with a plan to curb the deficit while also reaching a budget deal to prevent tax increases and deep spending cuts from kicking in Jan. 1.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
PLEASE HELP US MODERATE COMMENTS
Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at firstname.lastname@example.org, and include the name of the story and information on the comment.
Thank you! KSBY.com
Get deals up to 80% off here!
Find the lowest gas prices in your area
Submit your photos to KSBY
Check out our calendar of events
Watch Daybreak Web Videos in full
Save with Hot Deals across our counties!
Events across the Central Coast
Follow The CW5 on Facebook.
The KSBY online public file.
What do you think? Leave us your feedback.
KSBY is your official CA Lottery station for San Luis Obispo and Santa Barbara Counties