The Treasury Department last week reported that the federal deficit for the first half of Fiscal 2012 totaled nearly $779 billion, roughly $50 billion less than a year ago.
Between Oct. 1 and the end of March, the government took in a little more than $1.06 trillion in revenue as the economy strengthened, up from the $1.02 trillion collected in the first half of Fiscal 2011. Washington spent $1.84 trillion during the first half of this fiscal year, slightly less than in the first six months of the previous year.
Based on Treasury’s figures, the Congressional Budget Office recently estimated that the federal deficit for this fiscal year, on its current path, would total $1.2 trillion. While that would be lower than each of the last three deficits, it would still be the fourth annual deficit in a row to exceed $1 trillion.