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CBO Monthly Budget Review, August 2009

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Monthly Budget Review August 2009 Based on the Monthly Treasury Statement for June and the Daily Treasury Statements for July 2009.

  • “The federal budget deficit for the first 10 months of fiscal year 2009 reached $1.3 trillion, CBO estimates, close to $880 billion greater than the deficit recorded through July 2008. Outlays rose by almost $530 billion (or 21 percent) and revenues fell by more than $350 billion (or 17 percent) compared with the amounts recorded during the same period last year. The estimated deficit reflects outlays of $169 billion for the Troubled Asset Relief Program (TARP), recorded on a net-present-value basis adjusted for market risk. It also includes net cash payments of $83 billion in support of Fannie Mae and Freddie Mac, although CBO believes that those two entities should be considered federal operations and that the full scope of their activities should be incorporated in the budget in a manner similar to the TARP. CBO estimates that spending increases and revenue reductions stemming from the American Recovery and Reinvestment Act of 2009 (ARRA) have totaled more than $125 billion so far this year (excluding the impact on the budget from the effects that the legislation has had on the economy).”
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