Federal deficit drops, but still tops $1 trillion - WREX.com – Rockford’s News Leader

Federal deficit drops, but still tops $1 trillion

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WASHINGTON DC (WREX) -

Despite dropping by $207 billion, the federal deficit was over $1 trillion for the fourth straight year.

The total deficit for 2012 was $1.1 trillion. Government revenue rose thanks to increased employment and more tax revenue being contributed by corporations. Total tax revenue was up 6.4 percent to over $2.4 trillion.

Government spending dropped 1.7 percent to $3.5 trillion due partly to a decrease in defense spending from the U.S. military pulling out of Iraq.

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