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CBO: Monthly Budget Review, February 2009

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Monthly Budget Review, February 2009. Based on the Monthly Treasury Statement for December and the Daily Treasury Statements for January

  • “CBO estimates that the Treasury Department will report a deficit of $563 billion for the first four months of fiscal year 2009, $474 billion higher than the deficit incurred through January 2008. This year’s deficit to date includes estimated outlays of $284 billion for the Troubled Asset Relief Program (TARP). Although the Treasury is recording most spending for the TARP on a cash basis, CBO believes that the budget should record all of the program’s activities, including equity investments, on a net present-value basis adjusted for market risk, as specified in the Emergency Economic Stabilization Act of 2008. Using that approach, CBO estimates that outlays of $76 billion should be recorded for the TARP through January, which would yield an estimated deficit of $355 billion through January. The discussion below focuses on the budget figures as they are being reported by the Treasury.”
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