The federal deficit reached nearly $1.3 trillion in fiscal year 2010, according to an estimate the Congressional Budget Office released Thursday afternoon.
The shortfall for the fiscal year ended Sept. 30 was $125 billon smaller than a year ago, making it the second highest ever recorded since World War II (2009 being the highest).
Despite the extrardinary deficit, it was actually $50 billion lower than the CBO had forecast in August, due to higher than expected tax revenue, and lower outlays for TARP, Fannie and Freddie, and federal deposit insurance. Other spending actually rose by 9 percent in 2010.
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