The CBO has updated its projections for both outlays and revenue (via Market Ticker). For now, outlays are still less than revenue, though the “surplus” consists of IOUs. But the day is coming when the government won’t have that surplus anymore, and that could happen very shortly. The “outlays” line is an estimate, but the dark green shaded space shows the range of possibilities, including the possibility that a shortfall is just around the corner.
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