U.S. Deficit Tops $1 Trillion
The US budget deficit topped $1 trillion for a fourth consecutive year. On a brighter note, a modest improvement in economic growth helped narrow the gap by $207 billion compared with last year. The US treasury department said that the deficit for the 2012 budget year totaled $1.1 trillion. The government's revenue rose as more people got jobs and received income and corporations also contributed more tax revenue than in 2011. Barack Obama's presidency has now coincided with four straight $1 trillion-plus annual budget deficits.