December 7, 2012
The federal budget deficit was $292 billion for the first two months of fiscal year 2013, $57 billion more than the shortfall recorded in October and November of last year, CBO estimates in its latest Monthly Budget Review. Revenues rose by $30 billion, or 10 percent, but outlays increased by $87 billion, or 16 percent.
Without shifts in the timing of certain payments in each year, however, outlays would have risen by only $22 billion, or 4 percent, and the deficit for the two-month period would have been about $8 billion lower this year than in fiscal year 2012, CBO estimates.
The Monthly Budget Review was prepared by Elizabeth Cove Delisle, Barbara Edwards, David Rafferty, Dawn Sauter Regan, and Joshua Shakin.