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CBO: Treasury to Report Year-Over-Year Deficit Decrease

The Treasury Department is set to report a $975 billion deficit for the first 10 months of fiscal year 2012, according to a recent Congressional Budget Office report.

CBO estimates that comes out to $125 billion less than the $1.1 trillion deficit incurred through July 2011.

Receipts in the first 10 months of fiscal 2012 totaled $2 trillion, $114 billion more than those in the same period last year, CBO says.

Individual income tax receipts grew 4 percent to $37 billion and net receipts from corporate income taxes grew 30 percent to $42 billion, with withholdings up 3 percent.

Non-withheld payments went up 4 percent to $11 billion, but CBO added the tax receipt gains were offset by a one percent increase in refunds.

Through July, CBO estimates total outlays of $3 billion, adding the office made adjustments for costs of the Troubled Asset Relief Program and other credit activities.

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