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Oct. 18, 2012 Agri-Pulse reports: Actual USDA spending in the fiscal year that ended September 30 came in at $139.7 billion, or $7.7 billion less than the Office of Management and Budget forecast in its mid-session review. The details came Friday in an announcement by OMB and the Treasury Department that federal budget outlays in fiscal 2012 were $3.538 trillion for FY 2012, $114 billion below the forecast. The federal deficit for the year was $1.089 trillion, $207 billion less than the previous year's level and $238 billion less than forecast in President Obama's February budget. The largest spending shortfall at USDA came in the Food and Nutrition Service, which spent $2.6 billion less than anticipated in the July outlook. The majority of the difference was due to lower-than-expected growth in the child nutrition free meals program. Farm program outlays for the Farm Service Agency were $1.2 billion lower than expected. OMB says marketing loanmaking was lower and loan repayments higher than anticipated because of higher crop prices. In addition, FSA disaster assistance for 2010 losses and other disasters were under the estimate. Tweet |
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