The Congressional Budget Office has released their monthly report, and with the government’s fiscal year set to end on September 30th, they’ve officially announced that we’ll come in with an above-trillion dollar deficit for the fourth year running. Looks like $1.17 trillion will be the final tally.
The $192 billion deficit was the worst August on record, though the total deficit so far this year is actually lower than it was in 2011, when it stood at $1.23 trillion after 11 months, and the CBO predicted the government will flirt with yet another trillion-dollar shortfall next year.
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