CBO estimates in its latest Monthly Budget Review that the Treasury Department will report a deficit of $1.17 trillion for the first 11 months of fiscal year 2012, almost $70 billion less than the deficit at the same point last year. Through the end of August, revenues in fiscal year 2012 were about 6 percent higher and outlays about 2 percent higher than they were through August of last year.
In CBO’s most recent budget projections, the agency estimated that the deficit for fiscal year 2012 (which will end on September 30, 2012) will total $1.13 trillion, about $175 billion less than last year’s shortfall. (See An Update to the Budget and Economic Outlook: Fiscal Years 2012 to 2022, which CBO published in August.)
The Monthly Budget Review is prepared by Elizabeth Cove Delisle, Barbara Edwards, David Rafferty, Dawn Sauter Regan, and Joshua Shakin.