Deficit tops $1 trillion for 4th straight year
October 5th, 2012
02:28 PM ET
2 years ago

Deficit tops $1 trillion for 4th straight year

New York (CNNMoney) - The federal government logged a $1.1 trillion deficit in fiscal year 2012 - marking the fourth straight year of trillion-dollar shortfalls.

As a share of the economy, the deficit fell to roughly 7%, according to Congressional Budget Office estimates released Friday. That's down from 8.7% in 2011, and well below the bruising 10.1% recorded in 2009 during the depth of the economic downturn.
Deficits as a share of GDP in the past four years have been the highest since 1947.

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Filed under: 2012 • Congressional Budget Office • Deficit
soundoff (37 Responses)
  1. W l jones

    All you here from a certain party put a business in office well all these must be self employed otherwise if they had a real boss they would been fired.long time ago. No one no one can run a government office like a business because you have work with all kind of people an agancies.

    October 5, 2012 03:48 pm at 3:48 pm |
  2. Lynda/Minnesota

    Goodness. There really are GOPers who still blame the recession on Obama.

    October 5, 2012 03:49 pm at 3:49 pm |
  3. ULCajun11

    I'm so aggravated with the deficit too! I take out my frustration in the freedom ring. There's a game you can play on your smartphone called Political Arena. Look it up, you can beat up the candidate you don't like!

    October 5, 2012 03:58 pm at 3:58 pm |
  4. Harry Ramnarine

    This drop is due to the Xmas seasonal part time hiring. The numbers show the jobs are part time. After Dec when the part time are dropped from payrolls it will be a double digit unemployment again. Timing is everything in politics.

    October 5, 2012 04:01 pm at 4:01 pm |
  5. Sniffit

    "This drop is due to the Xmas seasonal part time hiring. The numbers show the jobs are part time. After Dec when the part time are dropped from payrolls it will be a double digit unemployment again. Timing is everything in politics."

    What? Really? Does anyone have an ascii of the facepalm that works in the CNN Ticker comment sections?

    October 5, 2012 04:08 pm at 4:08 pm |
  6. truth hurts

    Sniffit
    "salaries are not going down, they are just not going us as fast as the cost of living"
    When your purchasing power DECREASES, it is the functional equivalent of your slary "going down." THAT is what has beenhappening for several decades to the middle-class and it why we're stuck in a massive demand vacuum.
    ========================================================================================
    The FED is trying to save Obama's skin by printing money nonstop for 4 years. They are now buying our debt! Printing money to pay ourselves for our own debt! Your money is getting more and more worthless as each second ticks. You can thank Obama and the FED for this disaster.

    October 5, 2012 04:11 pm at 4:11 pm |
  7. truth hurts

    Lynda/Minnesota
    Goodness. There really are GOPers who still blame the recession on Obama
    ========================================================
    No, we blame the ongoing record unemployment, record debt and deficits on him. There is no "recovery". Just higher food and fuel prices.

    October 5, 2012 04:19 pm at 4:19 pm |
  8. DumbasRocks [R]s

    The 4 year deficits should be a reminder to the American electorate just what the cost has been for electing [R] failure to into office from 2000-2006.....and this was CHEAP compared to the economic depression we were free-falling towards before Obama's team took over. There is not $50 of these deficits that cannot be directly attributed to that string of past[R] policy FAILURES.

    I cannot believe that Romney and his fellow [R] politicians can campaign with a straight face, as they promise to RE-implement the VERY policies that got us into this economic trouble in the first place. And millions of deluded slack-jaws, believing in FOX-fed fairytales, can't wait to vote for them. Unbelievable. Who knew that modern humans could be so stupid?

    October 5, 2012 04:20 pm at 4:20 pm |
  9. Malory Archer

    Harry Ramnarine

    This drop is due to the Xmas seasonal part time hiring.
    +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

    Except businesses haven't yet started hiring for the holidays. Secondly, a lot of students hired for summer LOST their jobs in September. Had that not been the case, the number would have dropped even more.

    October 5, 2012 04:29 pm at 4:29 pm |
  10. Dominican mama 4 Obama

    HOLY TIGHTY WHITIES WILLARD

    End the words of Richard(Dick) Cheney, "DEFICITS DON'T MATTER." That's what he said
    -------------------------------------------------
    He did say that didn't he? And he left us a hefty one to prove his CONSERVATIVE point.

    October 5, 2012 04:33 pm at 4:33 pm |
  11. Dominican mama 4 Obama

    This drop is due to the Xmas seasonal part time hiring
    -------------------------------------------------
    We have a winner folks!
    Xmas in September! Jayzus! What these folks won't say to NOT give the President his due.

    October 5, 2012 04:35 pm at 4:35 pm |
  12. Sniffit

    "The FED is trying to save Obama's skin by printing money nonstop for 4 years. They are now buying our debt! Printing money to pay ourselves for our own debt! Your money is getting more and more worthless as each second ticks. You can thank Obama and the FED for this disaster."

    Unhinged much?

    October 5, 2012 04:37 pm at 4:37 pm |
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