The U.S. budget deficit grew by $124.6 billion in May, moving the country closer to $1 trillion for a fourth straight year even though the government is collecting more tax revenue, the Treasury Department said Tuesday. The figure puts the deficit through the first eight months of the budget year at $844.5 billion, or 8.9 percent below last year's imbalance for the same period. But the Congressional Budget Office (CBO) forecasts that the deficit for the entire 2012 budget year, which ends September 30, will total $1.17 trillion, which is only a slight improvement from the $1.3 trillion deficit of 2011. Government receipts so far this year are running 5.3 percent higher than one year ago as a better job market and modest economic growth have led to higher tax revenue.
