CBO: Deficit at $975B, on pace to top $1T mark for fiscal 2012

The nonpartisan Congressional Budget Office (CBO) on Tuesday estimated that the federal budget deficit stands at $975 billion through July.

This guarantees that the deficit for fiscal 2012, which ends Sept. 30, will be above $1 trillion.

The deficit under each year of the Obama administration will have exceeded $1 trillion, after coming to $459 billion in 2008. (Continues)