Through the first 11 months of the current budget year, revenues have totaled a record $2.12 trillion, up 11.5% from the same period a year ago. Government spending is also at record levels totaling $2.43 trillion, an increase of 7.6% from the same period a year ago.

The 11-month deficit for the current fiscal year of $304.3 billion is 14.1% below the deficit of $354.1 billion during the same period a year ago.

The Congressional Budget Office is forecasting the deficit for the entire year to be $260 billion (expecting sizable surplus in September), while the administration is forecasting a deficit of $295.8 billion for the current budget year, which ends Sept. 30.

Both the CBO and the administration are expecting an improvement from last year's deficit of $319 billion, the third highest amount of deficit in history. The highest deficit was $413 billion set in 2004.