The U.S. crossed the trillion dollar deficit level for the eleven months ended in August.
Since the country's fiscal year ends in September, we'll likely rack up another $100 billion or so in deficits this month, thereby easily surpassing a total of $1.2 trillion for the entire fiscal year 2012.
U.S. budget deficit crosses $1 trillion mark has the details:
"The U.S. government's budget deficit for fiscal 2012 crossed the $1
trillion mark in August, the Treasury Department said on Thursday, to
stand at $1.16 trillion. The government ran a monthly deficit of $191
billion, Treasury said, spending $369 billion and taking in $179
billion. The year-to-date figure marks the fourth consecutive year of $1
trillion-plus deficits, all under President Barack Obama. The federal
government's fiscal year runs from October to September."
As the years roll on, we continue to break records --- albeit the wrong kind.
Well, at least we're consistent. Consistently in the financial hole, that is.
As a result, we remain standing squarely behind the proverbial 8-ball.