Friday, May 06, 2011

CBO: 7 mo deficit $871 billion, fastest growing spending category: interest

We are $70 billion ahead of last year.

The federal government incurred a budget deficit of $871 billion in the first seven months of fiscal year 2011, CBO estimates in its latest Monthly Budget Review, roughly $70 billion more than the deficit incurred in the same period in 2010. That deficit would have been higher if not for the larger-than-expected payments with individual income tax returns filed near the end of the spring tax-filing season.