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CBO – Monthly Budget Review – July 9, 2012

“CBO estimates in its latest Monthly Budget Review that the Treasury Department will report a deficit of $905 billion for the first nine months of fiscal year 2012, $66 billion less than the $971 billion deficit incurred through June 2011. Outlays are about 1 percent higher and revenues are about 5 percent higher than they were at the same point last year. Without adjustments to the estimated cost of the Troubled Asset Relief Program (TARP) that increased outlays in 2012 by $21 billion and decreased outlays in 2011 by $42 billion, the deficit for the first nine months of fiscal year 2012 would have been around $130 billion less than the deficit incurred during the same period in fiscal year 2011.”

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