CBO: $780B Budget Deficit in First Half of FY12

The federal government incurred a budget deficit of nearly $780 billion in the first half of the 2012 fiscal year the Congressional Budget Office said.

The total is $53 billion less than the shortfall during the same period the past year.

The CBO estimates that the federal deficit will total $1.2 trillion in the 2012 fiscal year if no further legislation is enacted that would significantly affect spending or revenues during the current year.

The numbers were outlined in the CBO’s latest Monthly Budget Review.

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