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Treasury Projects $120B October 2012 Deficit

The Treasury Department is projecting an October deficit of $120 billion, up from the $98 billion over the prior year period, Reuters reports.

Citing economic analysts, the report said the recent deficit estimate puts the number above the $114 million projected.

The department also said outlays grew from $262 billion in the prior-year period to $304 billion in October 2012

Reuters reported that although the US ended fiscal 2012 with a budget surplus, this is the fourth consecutive year the budget deficit exceeded $1 trillion.

The fiscal 2011 budget deficit was $1.287 trillion, while 2012 ended with $1.089 trillion.

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