CBO says rising revenues shrink U.S. deficit by $203 bln

WASHINGTON Tue May 14, 2013 2:22pm EDT

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WASHINGTON May 14 (Reuters) - The U.S. budget deficit this year will be $203 billion lower than previously estimated, the Congressional Budget Office said on Tuesday, citing rising tax revenues and higher contributions from government-run mortgage giants Fannie Mae and Freddie Mac.

The CBO, updating forecasts made in February, said it now forecasts a $642 billion deficit for fiscal 2013 compared with a previous estimate of $845 billion.

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