The Congressional Budget Office Just Reported That This Year’s Federal Deficit Is Increasing

Just weeks from a midterm election, the nonpartisan Congressional Budget Office is reporting that this year’s federal deficit projection has increased.

Via The Hill’s Rebecca Shabad:

The nonpartisan Congressional Budget Office (CBO) on Wednesday raised its projection for this year’s federal deficit to $506 billion.

The budget office’s last report in April had projected the deficit for fiscal 2014 would top out at $492 billion on Sept. 30.

But CBO said it is increasing the deficit figure now, in part because receipts from corporate income taxes are turning out to be less than expected.