CBO Monthly Budget Review – January 2008: “The federal budget deficit was about $107 billion in the first quarter of fiscal year 2008, CBO estimates—about $27 billion more than in the same period last year. Outlays have risen by 9 percent compared with their level in the first three months of 2007, whereas revenues have grown by about 6 percent. Later this month, CBO will issue new budget projections for 2008 and the following 10 years.”