DEFICIT UP: The federal government started the 2013 budget year with a $120 billion deficit in October, an indication the country is still mired in a period of high deficits.

FISCAL CLIFF: The deficit, which was 22 percent higher than a year ago, puts added pressure on President Barack Obama and Congress to achieve a budget deal in the coming weeks to avert the fiscal cliff, the tax increases and spending cuts that will occur in January if a budget deal is not reached.

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OUTLOOK: The nation has recorded four consecutive annual deficits topping $1 trillion. Many economists believe that the 2013 budget year which will end next Sept. 30 will result in a fifth deficit above $1 trillion. They believe any agreement to avert the fiscal cliff will still leave this year’s deficit at a high level.