CBO: Budget Deficit Unchanged Since 2010

by Andrew Stiles

In its latest budget review, unveiled today, the Congressional Budget Office notes the “progress” lawmakers have made over the past fiscal year in confronting the country’s debt problem:

The federal government recorded a total budget deficit of $1.3 trillion in fiscal year 2011, almost identical to the deficit it incurred in 2010. As a share of the nation’s gross domestic product (GDP), the deficit declined slightly—from 9.0 percent in 2010 to 8.7 percent in 2011—but was still the third-highest deficit as a share of GDP since 1945.

More here.

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