U.S. Budget Deficit Grows by $260 Million in December - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

U.S. Budget Deficit Grows by $260 Million in December

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The U.S. annual budget deficit is on track to reach $1 trillion for a fifth straight year, though government revenue jumped last month as people paid some taxes early to avoid higher rates in 2013.

The Treasury Department says the federal deficit grew just $260 million in December. But for the first three months of the budget year, the deficit is now $292 billion.

In December, tax revenue rose 12% to $270 billion. Spending fell 17% to nearly the same amount.

The budget year begins on Oct. 1. The size of the annual deficit will hinge, in part, on how Congress and the White House resolve a debate over raising the nation's borrowing limit. Republicans are demanding deep spending cuts in return for any increase.  (AP)

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