NEW YORK – With a $142 billion deficit in November, the federal budget deficit was $283 billion for the first two months of fiscal year 2011, the Congressional Budget Office estimated Monday.
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Compared to last year, the two-month deficit is $14 billion lower, while November’s deficit was $22 billion more than last November’s.
Spending is up 2%, while revenues have risen 9% for the year-to-date, CBO said.
CBO said if outlays were adjusted for shifts in the timing of certain payments, the deficit for November 2010 would be $4 billion less than the shortfall in November 2009.
