blog post

CBO estimates in its latest Monthly Budget Review that the Treasury Department will report a deficit of $975 billion for the first 10 months of fiscal year 2012, $125 billion less than the $1.1 trillion deficit incurred through July 2011. Through the end of July, revenues were about 6 percent higher this year than at the same point last year; outlays were about the same in both years.

report

CBO estimates in its latest Monthly Budget Review that the Treasury Department will report a deficit of $975 billion for the first 10 months of fiscal year 2012, $125 billion less than the $1.1 trillion deficit incurred through July 2011.

Because October 1, 2011, occurred on a Saturday, roughly $31 billion in payments that would have been made in 2012 were made in 2011. In the absence of that shift, the deficit so far this year would have been about $93 billion smaller than last year’s figure at the same point in time.