July 7, 2008
CBO released its monthly budget review today. During the first nine months of FY 2008, the federal government incurred a deficit of $268 billion according to CBO estimates -- $148 billion more than the shortfall recorded during the same period in 2007. About $79 billion of that change is due to the tax rebates enacted in the Economic Stimulus Act of 2008. Compared with their level in 2007, outlays have risen by more than 6 percent, whereas revenues have declined by about 1 percent.