US fiscal deficit sharply lower for 2012 | Bangkok Post: news

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US fiscal deficit sharply lower for 2012

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The US budget deficit fell sharply in just-ended fiscal 2012 to $1.1 trillion, the Treasury said Friday as the Obama administration claimed success in cutting spending and raising fresh revenue. 

The U.S. National Debt Clock billboard is displayed on a building on Sixth Ave. in New York City, in 2011. The US budget deficit fell sharply in just-ended fiscal 2012 to $1.1 trillion, but remained at an uncomfortably high ratio to the size of the economy, the Treasury reported.

But the deficit, topping $1 trillion for the fourth year in a row, remained excessively high and a lightning rod for the president as he fights to retain his job in next month's election.

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