WASHINGTON (October 5, 2012)—A new Congressional Budget Office estimate puts the deficit for the just-completed 2012 budget year at $1.1 trillion, the fourth straight year of trillion dollar deficits on President Barack Obama's watch, but a slight improvement from the 2011 deficit of $1.3 trillion.
The bleak figures from the CBO, while expected, add fodder for the heated presidential campaign, in which Mr. Obama's handling of the economy and the budget is a main topic.
Friday's release came as the government announced that the unemployment rate dropped to 7.8 percent last month, matching the rate when Mr. Obama took office.
The administration will release the official deficit numbers in mid-October, but they should line up closely with the CBO estimate, which shows that the government borrowed 32 cents for every dollar it spent.
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