The Federal Budget Deficit Totaled $1.1 Trillion in 2012, CBO Estimates

CBO Monthly Budget Review – Based on the Monthly Treasury Statement for August and the Daily Treasury Statements for September October 5, 2012

  • “The federal budget deficit was about $1.1 trillion in fiscal year 2012, CBO estimates, approximately $200 billion less than the shortfall recorded in 2011. At 7.0 percent of gross domestic product, the 2012 deficit was down from 8.7 percent in 2011 and 9.0 percent in 2010 but greater than in any year between 1947 and 2008. The estimated 2012 total reflects the shift of some payments from fiscal year 2012 into fiscal year 2011 (that is, from October 2011 to September 2011, because October 1 fell on a weekend); without that timing shift, the deficit in 2012 would have been about $30 billion higher. 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.”
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