CBO slashes growth forecast and projects weaker-than-forecast tax revenue - MarketWatch

CBO slashes growth forecast and projects weaker-than-forecast tax revenue - MarketWatch

 The Congressional Budget Office on Wednesday raised its estimate of the federal government's budget deficit for the 2014 fiscal year by $14 billion to $506 billion. That would represent 2.9% of gross domestic product. The new estimate is largely a result of lower-than-expected revenues for the year. In its updated 10-year budget and economic outlook, the nonpartisan agency also cut its estimate of gross domestic product growth for 2014 to 1.5% from 3.1%, "reflecting the surprising economic weakness in the first half of the year." The CBO last estimated the full-year deficit in April. The fiscal year runs from October through September.