The Congressional Budget Office (CBO) reported that the federal budget deficit has exceeded $1 trillion for the fourth year in a row, coming in at $1.1 trillion in fiscal year 2012 – or 7.0 percent of the economy.
“The federal government’s fiscal year 2012 has come to a close, and CBO estimates — in its latest Monthly Budget Review — that the federal budget deficit for the year was about $1.1 trillion, or 7.0 percent of gross domestic product (GDP),” the CBO reported.
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