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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: American Spirit who wrote (12845)	8/7/2007 1:26:23 PM
From: Ann Corrigan	Read Replies (1) \| Respond to of 224729

CBO forecasts lower budget deficit than Bush Aug 7, 2007 WASHINGTON (Reuters) - The U.S. budget deficit this year will be "toward the lower end" of the $150 billion to $200 billion range, significantly down from last year's $248 billion shortfall, the Congressional Budget Office said in a monthly budget review. The new estimate by Congress' nonpartisan budget analyst was released late on Monday and provided a more optimistic forecast of the fiscal 2007 deficit than estimates released on July 11 by the Bush administration. The earlier estimate had forecast a $205 billion deficit. The CBO forecast is in line with the agency's January forecast of a $172 billion deficit for the fiscal year ending September 30. "Revenues are about 7 percent higher than in the same period last year, outpacing the nearly 3 percent growth in outlays," CBO said. CBO will give a more specific forecast for this year's deficit on August 23, when it issues new 10-year budget projections. For the first 10 months of this fiscal year, the budget deficit was about $158 billion, $81 billion below the deficit during the same period in 2006, CBO said. The Democratic-controlled Congress this year passed a budget blueprint that claims to end chronic budget deficits and produce a $41 billion surplus in 2012.