The federal budget deficit totaled $1.23 trillion through the first 11 months of fiscal year 2011, CBO estimates—$28 billion less than the deficit incurred in the same period last year. Revenues were about 7.6 percent higher through August than they were at the same point last year, and outlays were 3.7 percent higher. In its most recent budget projections, published in August in
The Budget and Economic Outlook: An Update, CBO estimated that the deficit for fiscal year 2011 (which will end on September 30, 2011) will total $1.28 trillion, about $10 billion less than last year’s shortfall.
