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Thursday, August 23, 2007
CBO: Budget and Economic Outlook, an Update
CBO has released the August update to its Budget and Economic Outlook. The nickel version:
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FY 2007 deficit is expected to be $158 billion - about $90 billion less than last year's deficit |
- FY 2007 deficit is expected to be $158 billion - about $90 billion less than last year's deficit
- Revenues are higher than were projected in March due to higher-than-expected income from personal income taxes
- Spending was also higher than was projected, mostly because of the $120 billion supplemental spending package appropriated in May for the wars in Iraq and Afghanistan and for Gulf Coast recovery.
- The long-term budget outlook "remains on an unsustainable path" due to rising costs of health care.
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Posted by Craig Jennings
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