Tuesday, November 08, 2011

Another $1.3 TRILLION Federal Deficit for 2011

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Last month, the Treasury Department reported that the federal government incurred a budget deficit of $1.3 trillion for fiscal year 2011, almost identical to the deficit it incurred in 2010. As a share of the nation’s gross domestic product (GDP), the deficit declined slightly—from 9.0 percent in 2010 to 8.7 percent in 2011—but nonetheless it was the third-highest deficit as a share of GDP since 1945.