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report
November 7, 2011
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The federal government recorded a total budget deficit of $1.3 trillion in fiscal year 2011, almost identical to the deficit it incurred in 2010. As a share of the nation's gross domestic product (GDP), the deficit declined slightly—from 9.0 percent in 2010 to 8.7 percent in 2011—but was still the third-highest deficit as a share of GDP since 1945.