US budget deficit reduced to 250 billion: CBO

0 Comments | AFP, October, 2006

WASHINGTON (AFP) — The US federal budget deficit fell to 250 billion dollars in the fiscal year concluded September 30, the Congressional Budget Office estimated. The preliminary deficit estimate by the nonpartisan budget office in Congress was well below the US administration's estimate of a 296 billion-dollar shortfall in July, and below the CBO's 260 billion dollar estimate in August.

Final figures will be released by the Treasury and White House as early as Wednesday of next week, the CBO said. The CBO said its estimate, based on daily reports from the US Treasury and CBO projections, would leave a deficit amounting to 1.9 percent of gross domestic product (GDP), down from 2.6 percent in fiscal 2005. The budget office said it projected overall receipts rose by 253...