U.S. deficit to top $1 trillion for 4th year in a row

By Lori Montgomery

The federal budget deficit will top $1 trillion for a fourth straight year, congressional budget analysts said Tuesday in a report that predicts a nearly $1.1 trillion gap between government spending and tax collections for 2012.

That figure is the smallest – both in nominal terms and as a percentage of the economy – since the Great Recession began taking a heavy toll on the federal budget in 2009.

Read more: http://www.washingtonpost.com/business/economy/us-deficit-to-top-1-trillion-for-4th-year-in-a-row/2012/01/31/gIQAWmKweQ_story.html?wpisrc=al_comboNE_b