Treasury Reports a $1.3 Trillion Deficit for FY 2011

Blog Post
Tuesday, October 18, 2011

The Department of the Treasury has released final budget numbers for Fiscal Year 2011, which show that it ended with a deficit of $1.3 trillion -- about the same as the previous year.

This marked the third fiscal year in a row in which deficits have exceeded a trillion dollars. The deficit for FY 2011, which ended Sept. 30, was 8.7 percent of the Gross Domestic Product (GDP) -- down slightly from 9.0 percent of GDP in FY 2010.

Revenues in FY 2011 totaled $2.3 trillion, which was $141 billion or 6.5 percent higher than the previous year. Outlays in FY 2011 were $3.6 trillion, which is $145 billion or 4.2 percent higher than in FY 2010.

External links:Monthly Treasury StatementTreasury Department Press Release