Budget deficit in '07 could dip to $150-billion

By TIMES WIRES Published May 5, 2007

The federal budget deficit could go as low as $150-billion [near the 1995 level] this year, congressional analysts said Friday. The nonpartisan Congressional Budget Office had earlier seen a deficit for 2007 of about $200-billion, but continued strong revenue growth has led the CBO to lower its estimates. The CBO's estimate is necessarily imprecise since Congress and President Bush are wrestling over a $124-billion Iraq war funding bill [containing $20B of pork]. The CBO says the deficit might still reach $200 billion, though recent trends suggest a lower figure. Impressive tax receipts during the April filing season prompted the more optimistic estimates. This year's April receipts ran $70-billion higher than last year. Through the first seven months of the budget year, which ends Sept. 30, the government has posted an $83-billion deficit, about $100-million less than during a comparable period last fiscal year. The government registered a $248-billion deficit in 2006...."