According to The New York Times, the fiscal deficit for 2012 was $1.1 trillion, is the smallest deficit since 2008. The economic recession caused an excess of federal spending while cutting taxes which worsened the deficit. A budget deficit is the difference there is between expenses and the income, whenever the expenses are higher than the income.
A confederation (also known as a confederacy or league) is a union of sovereign states, united for purposes of common action often in relation to other states.
