US budget deficit grows by $260M in December
{{#rendered}} {{/rendered}}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 percent to $270 billion. Spending fell 17 percent to nearly the same amount.
{{#rendered}} {{/rendered}}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.