WASHINGTON - A government report released on Friday predicts that the federal budget hit a near-record $1.3 trillion in the just-completed fiscal year.
The figure matches last year's deficit tally but shows slight improvement over a record set two years ago.
The Congressional Budget Office analysis is in line with previous estimates but offers yet another reminder of the government's precarious fiscal position — just as a congressional supercommittee is working to produce at least $1.2 trillion in deficit savings over the coming decade.
The 2009 record deficit of $1.4 trillion was registered as the country struggled through a recession and was in the midst of the Wall St. bailout. Continuing weakness in the economy has kept tax revenues low. The revenue picture did improve in 2011 as individual income tax receipts rose 22 percent to $1.1 trillion, CBO estimated.