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Fiscal 2013 sees 1st deficit

Treasury cites payment shift, corporate-tax dip

Posted: November 14, 2012 at 6:07 a.m.

AFL-CIO President Richard Trumka speaks Tuesday outside the White House about labor leaders’ meeting with President Barack Obama. With Trumka are (left) Justin Ruben of MoveOn.org, Mary Kay Henry, head of the Service Employees International Union and Lee Saunders, president of the American Federation of State, County and Municipal Employees.

The U.S. government’s budget deficit widened in October, the first month of the new fiscal year, as President Barack Obama and Congress seek an agreement to lower future gaps and avoid the “fiscal cliff.” The deficit expanded 22 percent to $120 billion from a $98.5 billion shortfall in October 2011, the Treasury Department said Tuesday in Washington. The gap exceeded the $113 billion median estimate in a Bloomberg survey of economists.

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Front Section, Pages 1 on 11/14/2012

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