By MARTIN CRUTSINGER, AP Economics Writer
WASHINGTON (AP) — The federal government started the 2013 budget year with a $120 billion deficit, an indication that the nation is on a path to another $1 trillion-plus deficit.
The Treasury Department says the October deficit was 22 percent higher than the same month last year. Officials said last year’s October deficit was lower than expected because of calendar quirk that allowed some benefits to be paid in September 2011.
The budget year begins on Oct. 1.
The government has run deficits in excess of $1 trillion in each of the last four years. President Barack Obama and Congress are under pressure to come up with a plan to curb the deficit while also reaching a budget deal to prevent tax increases and deep spending cuts from kicking in Jan. 1.
Future generations good luck paying it back. Wait until the interest rates sky rocket on the debt. Our leaders must hate our Country to burden us all with this catastrophe.
Where does our budget deficit come from? http://ezkool.com/wp-content/uploads/2011/07/24editorial_graph2-popup-1.gif
Good news!! Go team Obama!!
Yay! We’re number 1!
I often look at these reports and wonder why an inteligent reporter can’t point out that the deficits are due to reduced revenues as much as they are over spending. If your household income was greatly reduced, you would be in big trouble unless you changed your expenses.