The U.S. budget deficit stood at $1.1 trillion through July, the Treasury Department says, making 2011 the third consecutive year that the deficit has hit at least $1 trillion. The federal government's budget year begins in October, leaving two more months in which the deficit might rise.
Looking at the numbers for July alone, the U.S. budget shortfall was $129 billion — a drop in spending from July 2010, according to Bloomberg.
As the AP reports: