Budget deficit reaches $1.23T

Associated Press

WASHINGTON

The federal budget deficit reached $1.23 trillion in August. The third- straight $1 trillion-plus deficit adds pressure on Congress and the White House to reach agreement on a long-term plan to trim government spending.

The Treasury Department said the deficit grew by $134.2 billion last month. At that rate, the nonpartisan Congressional Budget Office projects the deficit will total $1.28 trillion when the budget year ends in September.

That would nearly match last year’s $1.29 trillion imbalance and come in below the record $1.41 trillion hit in fiscal 2009.