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.