April 7, 2008
CBO released a new monthly budget review on Friday, which contains data for the first half of fiscal year 2008. The budget deficit amounted to an estimated $310 billion, roughly $50 billion more than during the same period of fiscal year 2007. Corporate tax receipts are down 16 percent (or $24 billion) in the first half of fiscal 2008 relative to the year earlier; those receipts have declined in each of the past nine months.