Skip to content

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.

Recent Stories

Transcript transparency: How the past three administrations stack up 

‘Buckle up, America!’ — Congressional Hits and Misses

Photos of the week | May 16-22, 2025

Under Bondi’s watch, victim service groups face cuts, uncertainty

DCCC targets California Asian American voters in first paid ads of 2026 cycle

With 2026 midterms top of mind, budget vote takes center stage