By Erik Wasson - 12/12/12 07:22 PM EST
Treasury confirms 2013 deficit at $292 billion
The latest deficit numbers come as Congress and the White House are locked in tense budget negotiations. Next year's deficit would be reduced by more than $500 billion if automatic cuts and tax increases known as the "fiscal cliff" take effect in January. The sudden, indiscriminate nature of the cuts and increases is likely to cause a new recession, and lawmakers are scrambling for a replacement by Christmas.