Federal deficit shrinks for 2012
The 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 Treasury Department said Friday that the deficit for the 2012 budget year totaled $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. This pushed receipts up to $2.449 trillion in 2012, up 6.4 percent from last year, according to the Treasury Department.
"We are seeing the stimulus spending fading and we are seeing some of the effects of the investment incentives," Lou Crandall, chief economist with Wrightson ICAP, said.
Government spending fell 1.7 percent to $3.5 trillion. The decline reflected, in part, less defense spending as U.S. military involvement in Iraq was winding down.
Things are improving - something that gets very little press from the Republicans. The deficit is a large thing to turn around (much like the Titanic), but it went from $1.41 the year Bush left office to $1.1 now. Next year with the expiration of the top tax cuts and even more economic improvement, it will be lower by an even higher percentage.
We are moving FORWARD.
Here is a link that might be useful: source