Summary Box: Deficit tops $1T for third year

AP News
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Posted: Aug 10, 2011 4:15 PM
Summary Box: Deficit tops $1T for third year

DEFICIT UP: The federal budget deficit through the first 10 months of the budget year totaled $1.1 trillion, the Treasury Department said Wednesday. Three years ago, that would have been a record high for the full year.

ANNUAL DEFICITS: This year's deficit is on pace to exceed last year's imbalance of $1.29 trillion. But it is likely to fall short of the record $1.41 trillion set in 2009.

OUTLOOK: Record deficits will add pressure to a 12-member committee of lawmakers that has been tasked with reducing the red ink over the next decade by $1.2 trillion.