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 This material may not be published, broadcast, rewritten or redistributed.)
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