CBO reports small improvement on budget deficit
By Erik Wasson
06/07/11
The Congressional Budget Office reported Tuesday that the total federal budget deficit was $929 billion for the first eight months of fiscal 2011—a huge shortfall that nonetheless is $6 billion smaller than the deficit last year at this time.
In its May 6 report, CBO had estimated that the $871 billion deficit for the first seven month was $70 billion above 2010 levels.
The slight improvement comes due to a strong May in which the deficit for the month was only $59 billion, a total that was $77 billion less than the deficit for May 2010.
Incoming revenue increased 19 percent, or $28 billion, compared to last May while the estimated costs of the Troubled Asset Relief Program is costing less than expected...
For the full article, go to:
http://thehill.com/blogs/on-the-money/budget/165127-cbo-reports-small-improvement-on-budget-deficit
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