The federal budget deficit was $320 billion in the first quarter of fiscal year 2012, CBO estimates, $49 billion less than the deficit recorded in the same period in fiscal year 2011. But $26 billion of that difference resulted from shifts in the timing of certain payments because the regular payment dates fell on weekends or holidays; otherwise, the deficit would have declined by only $23 billion. Receipts were up by 4 percent, compared with those in the same period a year before. Adjusted for timing shifts, outlays were essentially unchanged. Later this month, CBO will issue new budget projections spanning the period from 2012 through 2022.