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CBO: FY 2012 Deficit Hits $1.1T

The federal budget deficit for fiscal year 2012 declined from 2011’s figure but still exceeded a trillion dollars, according to Congressional Budget Office estimates.

CBO said the fiscal 2012 deficit totaled $1.1 trillion, nearly $200 billion lower than the 2011 figure, and was in line with the office’s August estimate of what the deficit would be.

The 2012 deficit equals 7 percent of the gross domestic product, down from 8.7 percent in 2011, 9.0 percent in 2010, and 10.1 percent in 2009.

However, CBO estimates the 2012 deficit is greater than in any other year since 1947.

The office said the Treasury Department will release figures on the actual deficit later this month, CBO said.

Social Security spending and net spending on Medicare increased 6 percent and 3 percent year-over-year, respectively.

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