FY2011 deficit tops $1 trillion, with two months to go

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The federal deficit this year has now topped $1 trillion and is on pace for the second-largest shortfall in history, with the government recording its 34th straight month in the red, according to the latest data from the Congressional Budget Office.

And in an indication of how deep the red ink runs, the shortfall for the first 10 months of fiscal year 2011 already exceeds the $917 billion in discretionary savings Congress just agreed to find in the debt deal over the next decade.

The July deficit was $132 billion, which is actually an improvement compared with July 2010. Spending was down this year and tax receipts were up slightly compared to last year at this time.

But thanks to the shortfall, the government’s deficit is now $1.103 trillion for fiscal year 2011, which runs through Sept. 30.

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