CBO: May Monthly Budget Review

The "independent" CBOs estimates way off once again...

Receipts in the first seven months of this fiscal year were about $56 billion (or 4 percent) lower than those in the same period last year, about twice the size of the decline anticipated by CBO in its 2010 baseline projections.

For the first seven months of fiscal year 2010, withheld income and payroll taxes declined by about $39 billion (or 4 percent) relative to receipts in the first seven months of 2009; that decline resulted from lower wages and salaries in the first half of the fiscal year.

Receipts to the Treasury from the Federal Reserve rose by $26 billion because of the central bank’s shift to longer-term, riskier, and thus higher-yielding investments in support of the housing market and the broader economy.