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View Diary: CBO slashes 2013 deficit forecast to $642 billion (10 comments)

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  •  We'll see (2+ / 0-)
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    jdld, virginislandsguy

    if it's actually a 1 time surge in revenues. There was talk that an unexpected surge of $5B in tax payments in California in January were the result of accelerating income into 2012, and that it would end up just being a timing difference between Dec/Jan payments and April payments. It wasn't. April payments were as originally expected.

    I don't know how much acceleration of income the CBO expected. I'm guessing that they should have accounted for it previously. The revised budget deficit projections for 2014 and 2015 are also smaller than they were.

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