Posted: Aug 10, 2011 1:16 PM
Source: Associated Press
WASHINGTON - The nation's budget deficit has topped $1 trillion for a third straight year, adding pressure on Congress and the White House to make more progress on a long-term plan to shrink
the growing imbalance.
The Treasury Department says the deficit through July totals $1.1 trillion.
Three years ago, that would have been a record high for the full year.
This year's deficit is on pace to exceed last year's imbalance of $1.29 trillion but fall short of the record $1.41 trillion set in 2009.
Record deficits have prompted President Barack Obama and Congress to create a 12-member committee of lawmakers tasked with reducing the imbalance over the next decade by $1.2 trillion.
If the panel splits and cannot agree on a plan, severe across-the-board spending cuts would go into effect automatically.