Deficit Hit $1.2 Trillion in August, Say Officials

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WASHINGTON - The federal budget deficit reached $1.23 trillion in August. The third straight $1 trillion-plus deficit adds pressure on Congress and the White House to reach agreement on a long-term plan to trim government spending.

The Treasury Department said the deficit grew by $134.2 billion last month. At that rate, the nonpartisan Congressional Budget Office projects the deficit will total $1.28 trillion when the budget year ends in September. That would nearly match last year's $1.29 trillion imbalance and come in below the record $1.41 trillion hit in fiscal 2009.

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Deficit Hit $1.2 Trillion in August, Say Officials

A congressional panel is seeking agreement on $1.2 trillion in savings over the next decade. CBO Director Douglas Elmendorf war...

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