TOPICS
TOPICS
Government runs $114B deficit for first two months of fiscal 2003
The federal government ran a deficit of about $114 billion in the first two months of fiscal 2003, nearly $52 billion more than the deficit recorded during the same period last year, according to new Congressional Budget Office estimates.
CBO also said the outlook for the rest of the year "remains particularly uncertain because most of the appropriations bills have not been enacted and the possibility of military action" in Iraq.
Revenues were down $33 billion over last year, partly a result of a change in quarterly estimated tax payments, but also because of weak economic growth and a cut in marginal rates enacted last year.
Outlays grew at a pace of 5.6 percent over last year, CBO said, with defense spending up about 9.9 percent and non-defense discretionary running about 5.2 percent ahead of last year's pace at this time.
Spending for unemployment was significantly higher, CBO said, though the emergency payments, which average about $1 billion a month, are set to expire Dec. 28.
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