US Deficit Tops $1 Trillion For Fourth Year

The federal budget deficit has topped $1 trillion for a fourth straight year. But a modest improvement in economic growth helped narrow the gap by $207 billion compared with last year.

The Treasury Department said Friday that the deficit for the 2012 budget year totaled $1.1 trillion. Tax revenue rose 6.4 percent from last year to more than $2.4 trillion, helping contain the deficit.

The government's revenue rose as more people got jobs and received income. Corporations also contributed more tax revenue than in 2011. This pushed receipts up to $2.449 trillion in 2012, up 6.4 percent from last year, according to the Treasury Department.

Read the rest here.