US budget deficit

US budget deficit topped $1 trillion for fourth straight year

Press TV

 he numbers are out and it spells bad news, the United States Treasury Department announced the U.S. budget deficit has topped $1 trillion for a fourth straight year. The deficit for the 2012 budget year is $1.1 trillion and tax revenue rose more than six percent from last year to more than $2.4 trillion. It's no wonder why Americans are displeased.

This means during Barack Obama's presidency the U.S. has had four straight $1 trillion-plus annual budget deficits - the first in history and a major issue in this year's election. Republican candidate Mitt Romney has repeatedly touted Obama's failure to lower the budget and how he failed to make good on his promise to cut the deficit he inherited by the end of his first term.

Even though the numbers have created much debate on Capitol Hill, overall there has been little action in Congress when it comes to spending and taxes. Which is why many analyst fear a budget deadlock will send the economy over a "fiscal cliff" by next year, when tax increases and deep spending cuts will take effect unless a budget deal is reached.

Ashantai Hathaway, Press TV, Washington