CBO Monthly Budget Review, August 2009

On Tuesday, the Congressional Budget Office [2] (CBO) released their monthly budget review [3] for August.

CBO opens the analysis thusly:

The federal budget deficit for the first 11 months of fiscal year 2009 was almost $1.4 trillion, CBO estimates, close to $900 billion greater than the deficit recorded through August 2008. Outlays were $518 billion (or 19 percent) higher and revenues $365 billion (or 16 percent) lower than the amounts recorded during the same period last year. The estimated deficit includes net outlays of $83 billion in support of Fannie Mae and Freddie Mac... CBO estimates that spending increases and revenue reductions stemming from the American Recovery and Reinvestment Act of 2009 (ARRA) have totaled more than $150 billion so far this year (excluding the impact on the budget from ARRA’s effects on the economy).

Much of this is old news [4], as CBO recently released updated budget numbers for the year and the August numbers fit with those revised estimates. Read the rest of the CBO report for estimates, budget totals, and receipts and outlays through eleven months of the fiscal year.

Image by Flickr user johnsolid [5] used under a Creative Commons license.