CBO's Monthly Budget Review
by Guest Blogger, 1/10/2005
On friday the Congressional Budget Office released their Monthly Budget Review, which includes key economic and budget figures from the first three months of fiscal year 2005.
The report estimates that total federal outlays in the first quarter grew by close to 6 percent, which is similar when compared with first quarter growth in 2004. Both Medicare and Defense outlays, however, increased approximately 9 percent relative to levels recorded for this period last year.
The government recorded a deficit of $ 114 billion for the first quarter, which is $ 16 billion lower than the deficit recorded for this period last year. Notably, spending is up for agricultural price supports, disaster assistance, and education programs. Outlays for both unemployment benefits and temporary fiscal assistance to states, however, have dropped significantly.
