US government on pace for smaller deficit in 2012
January 12, 2012 3:10 PM ET
By The Associated Press
(AP) - SMALLER DEFICIT: The U.S. federal deficit was $322 billion through the first quarter of the budget year, the Treasury Department said Thursday. That's $47 billion less than the same period last year.
STILL HIGH: The Congressional Budget Office estimates the government will run a $973 billion deficit for the entire 2012 budget year. While that's lower than last year's $1.3 trillion imbalance, it would be higher than any previous deficit before fiscal 2009.
ACCOUNTING QUIRK: A big reason for the smaller deficit was an accounting quirk, which shifted some early payments to the final week of the 2011 budget.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
January 12, 2012 3:10 PM ET
By The Associated Press
(AP) - SMALLER DEFICIT: The U.S. federal deficit was $322 billion through the first quarter of the budget year, the Treasury Department said Thursday. That's $47 billion less than the same period last year.
STILL HIGH: The Congressional Budget Office estimates the government will run a $973 billion deficit for the entire 2012 budget year. While that's lower than last year's $1.3 trillion imbalance, it would be higher than any previous deficit before fiscal 2009.
ACCOUNTING QUIRK: A big reason for the smaller deficit was an accounting quirk, which shifted some early payments to the final week of the 2011 budget.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

