The US Treasury Department will report a $1.17 trillion deficit for the 11 month of the fiscal year this year, according to the CBO Monthly Budget Review.

This announcement comes on the heels of the US debt surpassing $16 trillion at the beginning of September.

The $1.17 trillion is almost $70 billion less than where the US stood at the same time last year. The CBO most recently projected a $1.13 trillion budget shortfall for fiscal year 2012, which will end at the end of September.

The 2012 budget defict is about $175 billion less than last year’s.

Budgetary issues took center stage after Mitt Romney tapped Paul Ryan as his running mate.

The Republicans showcased the debt clock at their national convention, while the Democrats kicked off their convention on the day the debt reached $16 trillion.

Ryan discussed the debt and fiscal policy Sunday on This Week with George Stephanopoulos.

“Here’s -- let me say this. Our problem is not that we are overtaxed. We are overtaxed. Our problem is we spend too much money,” Ryan said.

Ryan discussed tax loopholes and debt negotiations with Stephanopoulos.

“[I]f you take those loopholes, those tax shelters away from high income earners, more of their income is subject to taxation,” Ryan said. “And that allows us to lower tax rates on everybody -- small businesses, families, economic growth.”

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