Federal Deficit Tops $1 Trillion For 4th Year

WASHINGTON (October 12, 2012)--The federal budget deficit has topped $1 trillion for a fourth straight year, but the deficit for the just-ended 2012 budget year is $207 billion less than last year.

The deficit totaled $1.1 trillion for 2012, boosted by revenue from a modest improvement in economic growth.

Tax revenue rose 6.4 percent to more than $2.4 trillion.

The government's revenue rose as more people got jobs and received income.

Corporations also contributed more tax revenue.

Government spending fell 1.7 percent to $3.5 trillion.

The decline reflected in part a drop in defense spending as U.S. military involvement in Iraq was winding down.

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