October 07, 2006	Saturday	Ramazan 13, 1427

WASHINGTON, Oct 6: The US federal budget deficit fell to $250 billion in the fiscal year concluded September 30, the Congressional Budget Office estimated on Friday.

The preliminary deficit estimate by the nonpartisan budget office in Congress was well below the US administration's estimate of a $296 billion shortfall in July, and below the CBO’s $260 billion 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 per cent of gross domestic product (GDP), down from 2.6 per cent in fiscal 2005.

The budget office said it projected overall receipts rose by $253 billion or 11.8 per cent. That would be the second highest since 1981.—AFP