Budget Office Cuts Estimate Of Nation’s 2013 Deficit By 24%

Tuesday, May 14, 2013 16:33
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Budget Office Cuts Estimate Of Nation’s 2013 Deficit By 24%

The nonpartisan Congressional Budget Office has slashed its projections of the current-year fiscal deficit because of bigger-than-expected tax receipts and payments from Fannie Mae and Freddie Mac.

 

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According to The New York Times, in a periodic update to its projections, CBO on Tuesday estimated that the deficit for the current fiscal year, which ends on Sept. 30, would be about $642 billion, or 4% of economic output. Just three months ago, it projected that the current-year deficit would be $845 billion, or about 5.3% of economic output.

 

 

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