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  • extl4r extl4r Oct 15, 2012 12:08 PM Flag

    US runs a 4th straight $1 trillion-plus budget gap

     

    WASHINGTON (AP) -- The United States has now spent $1 trillion more than it's taken in for four 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.

    Tax revenue rose 6.4 percent from 2011 to $2.45 trillion. And spending fell 1.7 percent to $3.5 trillion. As a result, the deficit shrank 16 percent, or $207 billion.

    A stronger economy meant more people had jobs and income that generated tax revenue. Corporations also contributed more to federal revenue than in 2011.

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