In the first seven months of fiscal year 2010, the federal government incurred a budget deficit of about $800 billion, the same as the shortfall at the same point in 2009, CBO estimates. Outlays and revenues alike are lower than they were last year at this time, by 3 percent and 4 percent, respectively. At the end of the spring tax-filing season, receipts of individual income taxes were less than CBO anticipated, but receipts of corporate taxes were greater. Consistent with its most recent baseline projections, CBO continues to expect that revenues and outlays will be higher at the end of fiscal year 2010 than they were the previous year.
