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WASHINGTON, Aug 15: The Congressional Budget Office said on Monday the US federal deficit in fiscal 2005 is expected to total $331 billion, down from $412 billion in 2004.
The projection was “notably lower” than the non-partisan research service’s expectation of a shortfall of $394 billion in March based on White House data or $365 billion based on existing laws.
The figure was in line with a White House forecast last month that projected a shortfall of $333 billion, for the fiscal year to September 30.
The CBO, in its annual August update to economic and budget outlook, said stronger-than-expected revenues have helped trim deficit expectations.—AFP
