The federal government ran up a $293 billion deficit in the first quarter of fiscal 2013, which ended Dec. 31, the nonpartisan Congressional Budget Office estimated Tuesday. The government’s fiscal year starts on Oct. 1st.
At this pace, the deficit would be on pace to top $1 trillion for the fifth-straight year in 2013. All the trillion-dollar deficits have taken place under President Obama.
By the White House’s own estimate, the New Year’s Eve tax deal with Congress will only reduce the deficit by $4 billion this year, once increased spending such as on unemployment benefits is taken into account.