BREAKING NEWS

CBO: US budget deficit running slightly lower than 2011

By REUTERS

AUGUST 7, 2012 22:40

WASHINGTON - The US federal government will report a budget deficit of about $975 billion for the first 10 months of the fiscal year, slightly less than the $1.1 trillion budget gap during the same period last year, the Congressional Budget Office said on Tuesday.

The deficit estimates appear in line with the latest projection by the White House of a $1.2 trillion deficit for the entire fiscal year ending on Sept. 30. The CBO in January projected a $1.1 trillion deficit for the year and will update that forecast and provide an estimate for next year's budget deficit in its economic outlook to be released on Aug. 22.

The non-partisan budget agency for Congress said in its monthly budget report released on Tuesday that revenues were 6 percent higher in the first 10 months of fiscal year 2012, which began on Oct. 1, 2011, than they were during the same period a year ago.

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