Federal budget deficit on pace to break $1 trillion for third straight year

Townhall.com Staff

Posted: Jun 10, 2011 4:34 PM

Federal budget deficit on pace to break $1 trillion for third straight year

WASHINGTON — The federal budget deficit is on pace to break the $1 trillion mark for a third straight year. Record deficits are putting pressure on Congress and the Obama administration to come up with a plan to rein in government spending.

Already, the deficit through the first eight months of this budget year is $927.4 billion, according to the latest report from the Treasury Department released Friday.