WASHINGTON (AP) — The federal budget deficit through the first four months of the budget year is expected to be about $54 billion lower than last year.
The Congressional Budget Office expects the January deficit will total $2 billion and for the period from October through January, the CBO is looking for a deficit of $295 billion. That would be an improvement of $54 billion from the deficit run up during the same period a year ago. The government's budget years runs from Oct. 1 to Sept. 30.
Last week, the CBO released its latest estimate of the deficit for the entire budget year, projecting it would total $845 billion. If correct, that would mark the first time the deficit has been below $1 trillion during the Obama presidency. Even with the improvement, the government would be required to borrow 24 cents of every dollar it spends this year.
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