U.S. budget gap tops $904B through June

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(AP) WASHINGTON - The U.S. budget deficit grew by nearly $60 billion in June, remaining on track to exceed $1 trillion for the fourth straight year.

The Treasury Department says the deficit through the first nine months of the budget year totaled $904.2 billion.

President Barack Obama is almost certain to face re-election after running trillion-dollar-plus deficits in each year during his first term in office.

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The Congressional Budget Office predicts the deficit for the full year, which ends on Sept. 30, will total $1.17 trillion. That would be a slight improvement from the $1.3 trillion deficit recorded in 2011.

The imbalance for the budget year, which began Oct. 1, is 6.8 percent below the level for the same period a year ago. Revenues are up 5.2 percent so far this year.

[CaptainSmollett]

I can just hear Obama now: "Only $1.17 trillion! That's a step in thr right direction."