P. 1
US deficit tops $1T for 4th year

US deficit tops $1T for 4th year

|Views: 0|Likes:
Published by JasonTz
US deficit tops $1T for 4th year
US deficit tops $1T for 4th year

More info:

Published by: JasonTz on Dec 26, 2012
Copyright:Attribution Non-commercial


Read on Scribd mobile: iPhone, iPad and Android.
download as DOCX, PDF, TXT or read online from Scribd
See more
See less





US deficit tops $1T for 4th year

WASHINGTON — the US budget deficit topped $1 trillion for a fourth consecutive year, but a modest improvement in economic growth helped narrow the gap by $207 billion compared with last year.

The Treasury Department said 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 US military involvement in Iraq was winding down.

You're Reading a Free Preview

/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->