Monthly Budget Review – January 2011 – Based on the Monthly Treasury Statement for November and the Daily Treasury Statements for December: “The federal budget deficit was $371 billion in the first quarter of fiscal year 2011, CBO estimates, $18 billion less than the shortfall in the same period of fiscal year 2010. Revenues were 9 percent higher than they were a year ago, whereas outlays were only 3 percent higher. Later this month, CBO will issue new budget projections for fiscal year 2011 and the following 10 years.”