CBO: Deficit estimate for 2012 hiked to $1.2T
A new estimate from congressional economists says the government will run a $1.2 trillion deficit for the budget year ending just a few weeks before Election Day.
Last year, the deficit was $1.3 trillion. The almost $100 billion spike from earlier deficit projections comes almost exclusively because Congress passed legislation recommended by President Barack Obama to renew a 2 percentage point cut in payroll taxes and jobless benefits for people languishing on unemployment rolls for more than six months.
The Congressional Budget Office report comes as Republicans controlling the House are preparing for this year's budget debate, which is sure to spill over into the presidential campaign as the two sides quarrel over Medicare, taxes and cuts to the Pentagon budget.
- N.Korea Willing To Take China's Advice To Start Talks
- Obama Limits Use Of US Drone Strikes, Offers Steps To Close Guantanamo
- Japanese man, 80, oldest to top Everest
- Pistorius, Semenya off Olympic funding program
- Evening News, May 22, 2013
- London attack leaves one dead, 2 hospitalized
- Turkey Shuts Syria Border Crossing After Deadly Bombs
- EU steps up fight against tax evasion by end 2013
- Costa Concordia Shipwreck Captain To Face Manslaughter Trial
- Kerry: US, allies, ready to step up aid rebels