The federal budget deficit was $371 billion in the first quarter of fiscal year 2011, CBO estimates, $18 billion less than the shortfall in the same period of fiscal year 2010.
Based on the Monthly Treasury Statement for November and the Daily Treasury Statements for December
The federal budget deficit was $371 billion in the first quarter of fiscal year 2011, CBO estimates, $18 billion less than the shortfall in the same period of fiscal year 2010. Revenues were 9 percent higher than they were a year ago, whereas outlays were only 3 percent higher. Later this month, CBO will issue new budget projections for fiscal year 2011 and the following 10 years.
