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The nonpartisan U.S. Congressional Budget Office on Monday projected the February federal budget deficit will be USD312 billion, up USD77 billion compared with the deficit in February 2020.
The CBO estimated the federal deficit in the first five months of fiscal year 2021 to be USD1.048 trillion, USD423 billion more than the deficit recorded during the same period last year.
During the first five months of the fiscal year, government revenues were up 5% compared to year-ago levels at roughly USD1.434 trillion, while outlays were up 25% to USD2.482 trillion.