(CNSNews.com) – The federal deficit topped $1 trillion in the first 11 months of fiscal year 2012, according to the Congressional Budget Office, reaching $1.17 trillion, exceeding CBO’s August projections.
“CBO estimates that the Treasury Department will report a deficit of $1.17 trillion for the first 11 months of fiscal year 2012,” CBO said Monday.
The $1.17 trillion figure was $70 billion less than at the same point in fiscal year 2011, CBO noted, driven mostly on higher federal revenues.
“Through the end of August, revenues in fiscal year 2012 were about 6 percent higher and outlays about 2 percent higher than they were through August of last year.”
CBO estimated that the government ran a $192 billion deficit during the month of August, up from the $70 billion deficit it ran in July.
In its updated projections, CBO estimated that the government will run a $1.13 trillion deficit in fiscal year 2012, which ends on Sept. 30 of this year. In order to hit that target, the government will actually have to run a surplus during September of $40 billion.
The government ran a $1.3 trillion deficit in fiscal year 2011, a figure the government could once again reach if its September deficit is as large as its August deficit.