Monthly Budget Review, January 2010 – Based on the Monthly Treasury Statement for November and the Daily Treasury Statements for December: “The federal budget deficit was about $390 billion in the first quarter of fiscal year 2010, CBO estimates—$56 billion more than the shortfall in the same period in fiscal year 2009. Outlays were slightly lower than they were last year at this time, but revenues have fallen by about 11 percent. Later this month, CBO will issue new budget projections for 2010 and the following 10 years…The deficit in December was $92 billion, CBO estimates, about $40 billion more than the deficit recorded in December 2008. Adjusted to eliminate variation attributable to shifts in the timing of certain payments, the deficit was about $11 billion greater than it was the same month last year. This is the second consecutive December that the federal government will record a budget deficit. Typically, that month yields a budget surplus because most corporations make quarterly income tax payments and withholding for individuals is relatively high owing to year-end bonuses and seasonal employment.”