May 14, 2013
WASHINGTON (AP) ? A new government estimate says the budget deficit for the current year will come in well below what was projected just a few months ago.
The Congressional Budget Office study predicts a 2013 budget deficit of $642 billion, more than $200 billion below its February estimate.
CBO says higher tax revenues and better-than-expected bailout repayments by mortgage giants Fannie Mae and Freddie Mac are the key reasons for the improved outlook.
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