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October 05, 2012

CBO reports federal deficit dipped to $1.1 trillion in fiscal 2012

The federal budget deficit dipped slightly to $1.1 trillion in fiscal 2012, the 12 month period that ended Sept. 30, according to a report released Friday by the nonpartisan Congressional Budget Office.

The figure was $200 billion less than the deficit recorded the previous year. This time, outlays dropped 1.6 percent last year, while receipts were up slightly. Here's some of the report:

"The 2012 deficit was equal to 7.0 percent of gross domestic product, CBO estimates, down from 8.7 percent in 2011, 9.0 percent in 2010, and 10.1 percent in 2009, but greater than in any other year since 1947. CBO’s deficit estimate is based on data from the Daily Treasury Statements; the Treasury Department will report the actual deficit for fiscal year 2012 later this month.

"The estimated deficit is $38 billion below what CBO projected in (its August report) because revenues were higher and outlays were lower than expected near the end of the fiscal year."

To read the full report: http://www.cbo.gov/publication/43656

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Comments

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ibsteve2u

Made me laugh. Mssr. Lightman surely is picky about what government information he chooses as subject matter for blog entries vs. big splash McClatchy articles that somehow mysteriously get linked by Breitbart.

plschwartz

If a trillion is a thousand billion, then a decrease of 200 billion seems to be 18%
That is hardly a slight dip.
Likewise there was close to a 20% dip of deficit as a percentage of GDP.

Rev. Ronald G. Cosseboom

So, let's see how the Republican Right Wing can spin this one. What can you come up this time Mr. Rove? Have you finished lying yet? Poor Mr. Romney, he's such a pon. Maybe someday the scarecrow with get a brain and start to think for himself instead of listening to his church and his handlers.

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