CBO: Federal Budget Deficit $905 Billion for First Three Quarters of 2012
Chad PeacePublished: 09 Jul, 2012
1 min read
The Congressional Budget Office estimates that the US Treasury ran almost a $1 trillion dollar federal budget deficit for the first nine months of 2012. While this is less than the deficit ran at this time last year, there is sure to be increasing scrutiny of over-spending as the Presidential race continues to heat up.
CBO estimates in its latest Monthly Budget Review that the Treasury Department will report a deficit of $905 billion for the first nine months of fiscal year 2012, $66 billion less than the $971 billion deficit incurred through June 2011. Outlays are about 1 percent higher and revenues are about 5 percent higher than they were at the same point last year.
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