From CNS News:
The federal deficit topped $1 trillion in the first 11 months of fiscal year 2012, according to the Congressional Budget Office, reaching $1.17 trillion, exceeding CBO’s August projections.
“CBO estimates that the Treasury Department will report a deficit of $1.17 trillion for the first 11 months of fiscal year 2012,” CBO said Monday.
CBO estimated that the government ran a $192 billion deficit during the month of August, up from the $70 billion deficit it ran in July.
In its updated projections, CBO estimated that the government will run a $1.13 trillion deficit in fiscal year 2012, which ends on Sept. 30 of this year. In order to hit that target, the government will actually have to run a surplus during September of $40 billion.
The government ran a $1.3 trillion deficit in fiscal year 2011, a figure the government could once again reach if its September deficit is as large as its August deficit.
I think it’s a safe bet that we’ll hit $1.3 trillion again for fiscal year 2012.
Recall that the last Republic budget, when Republicans still held the House and Senate, was $160 billion. Then Nancy Pelosi and Harry Reid came to power, and we are now in debt nearly $8 trillion more since the Democrats took over the budget in January of 2007. They have not submitted a new budget in almost 3 years – we are locked in to the high spending from their last massive budget.