US Budget Deficit Tops $1 Trillion for Fourth Straight Year

Increased by $191 billion in August

The U.S. federal budget deficit increased by $191 billion in August and has topped $1 trillion for the fourth straight year.

The Treasury Department says the deficit for the first 11 months of the 2012 budget year, which ends Sept. 30, totaled $1.16 trillion. That's 6 percent less than the same period last year. Tax receipts are higher because of modest improvements in the economy.