OMB Mid-Session Review

On August 25, 2009, The US Office of Management and Budget issued a Mid-Session Review of the Federal Budget. It showed sharply higher spending and lower revenues for FY 2010 than published in the full budget published in May 2009, as follows:

Office of Management and Budget Mid-Session Review ($ billion)
OMB Estimates of Federal Budget	FY 2009	FY 2010
Receipts (May)	2,157	2,332
Receipts (August)	2,074	2,264
Difference	-83	-68
Outlays (May)	3,998	3,591
Outlays (August)	3,563	3,766
Difference	-345	+175
Deficit (May)	1,841	1,258
Deficit (August)	1,580	1,502
Difference	-261	+244

The new estimates show a deterioration in receipts, and a sharp decline in the expected spending for the remainder of FY 2009. But FY 2010 spending is expected to be higher, thus decreasing the deficit for 2009 and increasing it for 2010.