The federal government ran an estimated $1.17 trillion deficit for the first 11 months of fiscal year 2012, nearly $70 billion less than the deficit last year at that point, according to Congressional Budget Office estimates.

Revenues rose about 6%, while outlays grew 2% through August, the CBO projected. In its latest projections, the CBO estimated a $1.13 trillion deficit for fiscal year 2012 (which will end on September 30, 2012), about $175 billion less than last year's shortfall.

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