US budget deficit on track to top $1 trillion

Budget deficit set to top $1 trillion for 3rd straight year, raising pressure for debt deal

Christopher S. Rugaber, AP Economics Writer, On Wednesday July 13, 2011, 3:19 pm EDT

WASHINGTON (AP) -- The federal budget deficit is on pace to break the $1 trillion mark for the third straight year, ratcheting up the pressure on the White House and Congress to reach a deal to rein in spending.

The deficit totaled $971 billion for the first nine months of the budget year, the Treasury Department said Wednesday. Three years ago, that would have been a record high for the full year.


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