Monthly Budget Review

May 6, 2011

Based on the Monthly Treasury Statement for March and the Daily Treasury Statements for April

The federal government incurred a budget deficit of $871 billion in the first seven months of fiscal year 2011, CBO estimates. That year-to-date total is roughly $70 billion more than the deficit incurred in the same period in 2010. Both outlays and revenues are about 9 percent higher they were last year at this time. With the completion of the spring tax-filing season, receipts of individual income taxes have been significantly greater than CBO anticipated.