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First-Quarter Deficit Grew by 12%, CBO Projects

Yuval Rosenberg

The federal deficit for the first three months of fiscal year 2020 grew by $39 billion, or 12%, the Congressional Budget Office estimated on Wednesday.

The deficit for October through December totaled $358 billion, though it would have been about $20 billion smaller if not for holiday-related shifts in the timing of certain payments.

Spending over the quarter grew by 7% while revenues grew by 5%.

The deficit is expected to top $1 trillion this year for the first time since 2012.

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