In May, the Congressional Budget Office (CBO) stated that the budget deficit for FY 2005 would be “in the vicinity of $350 billion,” or $15 billion less than its March baseline projection. In its Monthly Budget Review for June released today, CBO revised its earlier statement, now estimating that the budget deficit could drop to $325 billion or even lower. “Robust growth” in revenues, namely higher-than-anticipated corporate income tax receipts, is credited for this positive development.