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U.S. federal gov't to run 1.2 trillion USD deficit in 2012 FY

03-14-2012 08:11 BJT

WASHINGTON, March 13 (Xinhua) -- The U.S. federal government was forecast to run a budget imbalance of 1.2 trillion U.S. dollars in the current fiscal year ending in September 2012, evidence of mounting budgetary pressure, the U.S. Congressional Budget Office (CBO) said on Tuesday.

The latest estimate was 93 billion dollars larger than the budget deficit predicted in January by the CBO, a nonpartisan Congressional research agency.

The new analysis came after Congress last month passed legislation supported by the Obama administration to renew a 2- percentage-point cut in payroll taxes and jobless benefits for the unemployed.

"The fundamental story about the federal budget has not changed: although the deficit is starting to shrink, it remains very large by historical standards," the CBO said in a statement.

The U.S. federal government ran a record budget deficit of 1.41 trillion dollars in the 2009 fiscal year and a 1.29-trillion- dollar imbalance in the 2010 fiscal year.

Editor:Wang Lingfei |Source: Xinhua

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