WASHINGTON (AP) - The federal budget estimate for the fiscal year just completed dropped to $250 billion, congressional estimators said Friday, as the economy continues to fuel impressive tax revenues.
The Congressional Budget Office's latest estimate is $10 billion below CBO predictions issued in August and well below a July White House prediction of $296 billion.
The improving deficit picture—Bush predicted a $423 billion deficit in his February budget—has been driven by better-than-expected tax receipts, especially from corporate profits, CBO said.
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