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Agriculture News As It Happens

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Budget shows lower USDA expenditures that expected

Treasury Secretary Timothy Geithner and Office of Management and Budget Deputy Director for Management Jeffrey Zients on Friday released details of the final fiscal year (FY) 2012 budget results.

The release shows the deficit in FY 2012 fell to $1.089 trillion, $207 billion less than the FY 2011 deficit and $238 billion less than forecast in President Barack Obama’s February budget.

Outlays for the Agriculture Department were $139.7 billion, $7.7 billion lower than the July midseason review estimate due to lower commodity marketing loan payments, delayed conservation contracts, lower growth in child nutrition free meals programs and lags in crop insurance claims.