WASHINGTON (AP) — A new estimate puts the deficit for thejust-completed 2012 budget year at $1.1 trillion, the fourthstraight year of trillion dollar deficits on President BarackObama's watch.
|The result was a slight improvement from the 2011 deficit of$1.3 trillion.
|The bleak figures from the Congressional Budget Office, whileexpected, add fodder for the heated presidential campaign, in whichObama's handling of the economy and the budget is a main topic.Friday's release came as the government announced that theunemployment rate dropped to 7.8 percent last month, matching therate when Obama took office.
|The administration will release the official deficit numbersaround mid-October, but they should line up closely with the CBOestimate, which shows that the government borrowed 32 cents forevery dollar it spent.
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