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CBO – Monthly Budget Review for May 2013

“The federal government ran a budget deficit of $627 billion from October 2012 through May 2013 (the first eight months of fiscal year 2013), according to CBO’s estimates. That amount is almost $220 billion less than the shortfall recorded during the same period last year, primarily because federal revenues have risen by 15 percent, while the government’s spending has risen by less than 1 percent. For fiscal year 2013 as a whole, according to CBO’s updated estimates based on current law (which were released last month), the deficit will total $642 billion.”

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