CBO: Federal Budget Deficit $905 Billion for First Three Quarters of 2012
Author: Chad Peace
Published: 09 Jul, 2012
●
Updated: 21 Nov, 2022●
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.
Latest articles
Why the War on Cannabis Refuses to Die: How Boomers and the Yippies Made Weed Political
For much of the eighteenth and nineteenth centuries, American physicians freely prescribed cannabis to treat a wide range of ailments. But by the mid-twentieth century, federal officials were laying the groundwork for a sweeping criminal crackdown. Cannabis would ultimately be classified as a Schedule I substance, placed alongside heroin and LSD, and transformed into a political weapon that shaped American policy for the next six decades....
30 Jun, 2025
-
2 min read
Has Trump Made His Case for the Nobel Peace Prize?
A news item in recent days that was overshadowed in the media by SCOTUS and the One Big Beautiful Budget Bill was a US-brokered peace agreement that was signed between Rwanda and the Democratic Republic of Congo (DRC) – which if it holds will end a conflict between the two countries that has killed thousands and displaced hundreds of thousands of people....
30 Jun, 2025
-
7 min read
Knives Come Out Against Reform at NYC CRC Hearing as Independents Rise
Last week in Staten Island, the NYC Charter Revision Commission held its next-to-last public hearing. As Commissioner Diane Savino commented, addressing NYC's closed primary system “is the single biggest issue we’ve heard this year.”...
30 Jun, 2025
-
3 min read