by the CONGRESSIONAL BUDGET OFFICE

The federal budget deficit was $292 billion for the first two months of fiscal year 2013, $57 billion more than the shortfall recorded in October and November of last year, CBO estimates in its latest Monthly Budget Review. Revenues rose by $30 billion, or 10 percent, but outlays increased by $87 billion, or 16 percent.

Without shifts in the timing of certain payments in each year, however, outlays would have risen by only $22 billion, or 4 percent, and the deficit for the two-month period would have been about $8 billion lower this year than in fiscal year 2012, CBO estimates.

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