The federal government incurred a deficit of just over $1.0 trillion for the first nine months of fiscal year 2010, CBO
estimates, $81 billion less than the roughly $1.1 trillion deficit incurred through June 2009. Revenues so far this year
are slightly higher than they were last year at this time; outlays are about 3 percent lower.
The Treasury reported a deficit of $136 billion for May, about $6 billion less than CBO had projected on the basis of the Daily Treasury Statements. That difference occurred largely because spending was lower than expected for health, veterans', and homeland security programs.
