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October 2012, Another $100+ Billion Government Budget Deficit
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Spending rose to $304.31 billion versus $261.54 billion a year ago, with income from individuals coming in at $102.04 billion versus $86.75 billion a year ago. Corporate income tax was down to $1.62 billion from $2.47 billion a year ago.
On an annualized basis the fiscal 2012 deficit was over $1 trillion for the fourth year in a row. With the first month at such a wide deficit, the only thing which may prevent the budget from remaining above $1 trillion in 2013 is the coming Fiscal Cliff. As of the latest projection, the White House came up with a budget deficit about $990 billion for 2013.
JON C. OGG
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