Budget deficit above $1 trillion for 4th year
Revenue shortfall better than 2011
WASHINGTON (AP) – The United States has now spent $1 trillion more than it’s taken in for 4 straight years.
The Treasury Department confirmed Friday what was widely expected: The deficit for the just-ended 2012 budget year – the gap between the government’s tax revenue and its spending – totaled $1.1 trillion. Put simply, that’s how much the government had to borrow.
It wasn’t quite as ugly as last year.
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