Monthly Budget Review: March, 2008

CBO estimates that the government incurred a deficit of $310 billion in the first half of 2008. The deficit last year at the same point in time was $258 billion. The $51 billion increase in the deficit through March was largely unaffected by differences in the timing of receipts or expenditures. A number of programs experienced double-digit percentage increases in spending in the first half of the year—including food and nutrition programs, unemployment benefits, veterans' health care, federal-aid highways, and community development block grants. Interest on the debt, however, continues to be the fastest growing category of spending. CBO: Monthly Budget Review
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