The Congressional Budget Office (CBO) increased its projection of the fiscal 2011 federal deficit, estimating that the difference between government expenditures and revenues would reach $1.480 trillion by the end of the current fiscal year in September. The last CBO projection, in August, was for a $1.066 trillion deficit in fiscal 2011. The deficit for fiscal 2010, which ended Oct. 1, was $1.294 trillion.
