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Annual federal deficit nears $1 trillion

(WASHINGTON TIMES) The federal deficit is bumping up against the $1 trillion mark for the fourth straight year, having reached $975 billion through the end of July with two more months still to go in the fiscal year, the Congressional Budget Office said Tuesday.

Still, CBO analysts said that estimate is substantially behind last year’s deficit pace, chiefly because tax revenues are growing so quickly.

Federal government revenues are up 6 percent in the first 10 months of fiscal year 2012 when compared with the same time period in 2011, the CBO said — and were driven chiefly by higher receipts from corporate taxes, which grew by $42 billion, or 30 percent.