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CBO: Falling Revenues Deepen Deficit

The Congressional Budget Office reported Thursday that it would revise its budget deficit projections for fiscal 2010 and the decade beyond after the shortfall for the first quarter hit $390 billion — $56 billion higher than the previous year.“Outlays were slightly lower than they were last year at this time, but revenues have fallen by about 11 percent,— the CBO said in its report.According to the CBO analysis of the first three months of fiscal 2010, which ended Dec. 31, November’s deficit was $120 billion, $5 billion more than the CBO originally projected. The deficit for December was $92 billion.

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