CBO - The federal government incurred a budget deficit of almost $780 billion in the first half of fiscal year 2012, CBO estimates in its latest—Monthly Budget Review—$53 billion less than the shortfall during the same period last year. A few weeks ago, CBO issued new budget projections for the coming decade; at that time, CBO estimated that the federal deficit will total $1.2 trillion in fiscal year 2012 if no further legislation is enacted that would significantly affect spending or revenues this year.Read full at:http://www.cbo.gov/publication/43157
