Posted by: youngragingbull | October 13, 2012

U.S. deficit tops $1T for 2012

The U.S. federal budget deficit has topped $1 trillion for a fourth straight year. But a modest improvement in economic growth helped narrow the gap by $207 billion compared with last year.

The U.S. Treasury Department said Friday that the deficit for the 2012 budget year totalled $1.1 trillion. Tax revenue rose 6.4 percent from last year to more than $2.4 trillion, helping contain the deficit.

The government’s revenue rose as more people got jobs and received income. Corporations also contributed more tax revenue than in 2011.

Government spending fell 1.7 percent to $3.5 trillion. The decline reflected, in part, less defence spending as U.S. military involvement in Iraq was winding down.

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