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.
All content © Copyright 2000 - 2014 WorldNow and WREX. All Rights Reserved.
Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Administrative Assistant Trista Truesdale at (815) 335-7856. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at email@example.com.