Getting your player ready...
WASHINGTON — The federal budget deficit is on pace to break the $1 trillion mark for a third straight year. Record deficits are putting pressure on Congress and the Obama administration to rein in government spending.
The deficit through the first eight months of this budget year is $927.4 billion, according to the latest report from the Treasury Department released Friday.
Three years ago that would have ranked as the highest ever for a full year. This year’s deficit will likely exceed last year’s $1.29 trillion imbalance and nearly match the $1.41 trillion record reached in 2009. The budget year ends Sept. 30.
