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report
March 7, 2012
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Based on the Monthly Treasury Statement for January and the Daily Treasury Statements for February
The federal government incurred a budget deficit of $578 billion in the first five months of fiscal year 2012, CBO estimates—$63 billion less than the shortfall recorded for the same period last year. Without shifts in the timing of certain payments and in the recording of tax refunds, however, the deficit would have been close to $600 billion. Later this month, CBO will issue new budget projections for 2012 and the following 10 years.