CBO says deficit running ahead of last year

WASHINGTON (Reuters) – The U.S. budget deficit in the first six months of the current fiscal year totaled $830 billion, $113 billion more than the shortfall for the same period last year, the nonpartisan Congressional Budget Office said on Thursday.

CBO said spending and revenues are both higher so far this year. Revenues from corporate taxes in the first half of fiscal 2011, which began last October 1, are unchanged from the same period last year, CBO said in its latest monthly statement.

Individual income and Social Security tax receipts rose, but not as high as they would have if a temporary reduction in payroll taxes for workers had not been enacted, CBO said.

(Reporting by Donna Smith; Editing by Will Dunham)

CBO says deficit running ahead of last year