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Deficit tops $1 trillion, again
The federal budget deficit has topped $1 trillion for a fourth straight year. But the deficit for the just-ended 2012 budget year is $207 billion less than last year. The deficit totaled $1.1 trillion for 2012. The government's revenue was boosted by a modest improvement in economic growth. Tax revenue rose 6.4 percent to more than $2.4 trillion. The government's revenue rose as more people got jobs and received income. Corporations also contributed more tax revenue. Government spending fell 1.7 percent to $3.5 trillion. The decline reflected, in part, a drop in defense spending as U.S. military involvement in Iraq was winding down. - AP
Reports say 'iPad mini' due
Apple Inc. is set to reveal a smaller, cheaper version of the iPad at an event on Oct. 23, according to several reports. The reports from Bloomberg News, Reuters and the AllThingsD blog are based on unidentified sources "familiar with the plans." Apple hasn't said anything about a smaller tablet, a concept that company founder Steve Jobs derided two years ago. But company watchers have assumed for months that an "iPad mini" will appear before the holiday season. The screen is reportedly about half the size of the iPad's, which measures 9.7 inches diagonally. Analysts speculate that the starting price of the device could be about $299. - AP
Currency decision delayed
The Obama administration is delaying a decision that had been due Monday on whether China is manipulating its currency to gain trade advantages. The Treasury Department said the decision will now come after global finance officials meet in early November. The delay means the decision will not likely come until after the Nov. 6 presidential election. GOP challenger Mitt Romney has attacked the administration for not targeting China for unfair trade practices. Treasury said the delay would allow the administration to "assess progress" after the "Group of 20" discussions in Mexico City. - AP
