“The federal budget deficit for the first 11 months of fiscal year 2009 was almost $1.4 trillion, CBO estimates, close to $900 billion greater than the deficit recorded through August 2008. Outlays were $518 billion (or 19 percent) higher and revenues $365 billion (or 16 percent) lower than the amounts recorded during the same period last year. The estimated deficit includes net outlays of $83 billion in support of Fannie Mae and Freddie Mac, although CBO believes that those two government-sponsored enterprises (GSEs) should be considered federal operations and the full scope of their activities should be incorporated into the budget. CBO estimates that spending increases and revenue reductions stemming from the American Recovery and Reinvestment Act of 2009 (ARRA) have totaled more than $150 billion so far this year (excluding the impact on the budget from ARRAs effects on the economy).”
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