Monthly budget review

February 6, 2008

CBO released its monthly budget review this afternoon. The deficit for the first four months of fiscal year 2008 was $90 billion -- almost $50 billion higher than during the same period last year, although about a third of that increase was due to timing shifts. Corporate tax receipts were down about 10 percent, and have declined in each of the past seven months on a year-over-year basis.