The federal government incurred a budget deficit of $721 billion in the first seven months of fiscal year 2012, CBO estimates—$149 billion less than the shortfall reported during the same period last year.
Based on the Monthly Treasury Statement for March and the Daily Treasury Statements for April
The federal government incurred a budget deficit of $721 billion in the first seven months of fiscal year 2012, CBO estimates—$149 billion less than the shortfall reported during the same period last year. Without shifts in the timing of certain payments, however, the deficit so far this year would have been only $92 billion smaller. Revenues were 6 percent higher and outlays slightly lower than they were at this point in 2011.
