Budget deficit slips to $1.28T; red ink continues

Budget deficit slips to $1.28T; red ink continues

August 24, 2011, 4:15 pm

After months of unrelieved gloom and discord, Congress and President Barack Obama are starting to make a dent in the federal budget deficit. It's projected to shrink slightly to $1.28 trillion this year, and bigger savings from this month's debt ceiling deal are forecast over the next decade.