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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