Monthly Budget Review, June 2009 – Based on the Monthly Treasury Statement for April and the Daily Treasury Statements for May: “The federal budget deficit was $984 billion for the first eight months of fiscal year 2009, CBO estimates, $664 billion more than the deficit recorded through May 2008. That estimate includes outlays for the Troubled Asset Relief Program (TARP) of about $130 billion to date for fiscal year 2009, recorded on a net-present-value basis (adjusted for market risk, as required by the Emergency Economic Stabilization Act, which created the TARP). Revenues have fallen by about 18 percent compared with the amounts collected in 2008; in contrast, outlays have grown by more than 18 percent.”