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CBO Monthly Budget Review: October 2008

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Monthly Budget Review: October 2008, A Congressional Budget Office Analysis, October 7, 2008

  • “CBO estimates that the federal budget deficit was about $438 billion in fiscal year 2008, $276 billion more than the shortfall recorded in 2007. Relative to the size of the economy, the 2008 deficit was equal to 3.1 percent of gross domestic product, compared with a deficit of 1.2 percent in 2007 and an average deficit of 2.6 percent over the 2002-2006 period. CBO’s deficit estimate is based on data from the Daily Treasury Statements and CBO’s projections; the Treasury Department will report the actual deficit for fiscal year 2008 later this month.”
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