October’s budget deficit bigger than the deficit for all of 2007

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The deficit for the 2008 fiscal year, which ended Sept. 30 was $455 billion, the Congressional Budget Office reported Friday. And the estimated deficit for the month of October? $232 billion!

That’s if you count the Treasury’s bank capital injections on a cash basis. Use the CBO’s present-value calculation and October’s deficit drops to $134 billion. That’s still kind of a lot.