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CBO: January deficit smaller than last year
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02/07/12 04:23 PM ET
The Congressional Budget Office said Tuesday that the federal deficit for January was $18 billion less than that in January 2011, when shifts in the timing of payments are taken into account.
Tax receipts grew by $9 billion or 4 percent year over year last month.
Overall, the deficit for January was $27 billion and the government is
on track for a $1.1 trillion deficit in fiscal 2012.
The federal government accumulated a budget deficit of $349 billion in the first four months of fiscal year 2012, CBO said.
The CBO estimate does not include the costs of extending the payroll tax cut and extending unemployment benefits, something Congress is trying to do by Feb. 29.
President Obama is slated to release his fiscal 2013 budget next Monday.
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