US budget deficit reaches $1.1 trillion

The budget deficit of the US federal government topped around $1.1 trillion in the 2012 fiscal year ending in September, the Treasury Department announced.

The deficit of $1.08 trillion for the 2012 fiscal year was $207 billion less than the 2011 fiscal year. But it was the fourth consecutive fiscal year that the US federal government’s budget deficit surpassed $1 trillion, reported Xinhua.

The federal government raked in a revenue of $261.57 billion in September, and registered outlays of $186.55 billion, said the Treasury.

The federal government reported a budget surplus of about $75 billion in September, the second monthly budget surplus in the 2012 fiscal year, it added.

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