US budget deficit rises to $974B in July
The U.S. federal budget deficit increased $70 billion in July and is on track to top $1 trillion for the fourth straight year.
The Treasury Department says the deficit for the first 10 months of the 2012 budget year, which ends Sept. 30, totaled $974 billion. That's 11.5 percent less than the same period last year. A slightly better economy has boosted income tax receipts.
Still, President Obama will almost certainly face re-election after running $1 trillion deficits each year in office. GOP candidate Mitt Romney has criticized Obama for failing to cut the deficit in half, as he pledged to do during his 2008 campaign.
The White House last month forecast that the budget gap will total $1.2 trillion this year, down from $1.3 trillion last year.
- Probe begins after Conn. commuter trains crash
- FBI searches apartment in ricin letter case
- Assad: Syria transition talks are internal matter
- Suspected US drone in Yemen kills 4 militants
- Rome Protest Turns Up Heat On New PM Letta
- North Korea Fires Three Short-Range Missiles
- GOP hopes IRS scandal will snag health care law
- WHO: Death Toll From New Bird Flu In China Rises To 36
- Former Argentine Dictator Videla Dies In Prison At Age 87
- Texas residents missing after tornadoes found safe