WASHINGTON (AP) — The federal deficit was lower in the first quarter of the 2012 budget year than the same period last year. Yet, the imbalance remains high by historical standards and should keep lawmakers debating tax increases and spending cuts through Election Day.
The Treasury Department said Thursday the deficit was $86 billion in December. And it was $322 billion through the first three months of the budget year — $47 billion less than the same time last year.
Part of the reason for the lower deficit is an accounting quirk that shifted some early payments to the final week of the previous year's budget.
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