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U.S. July deficit $71 billion, CBO estimates

WASHINGTON (MarketWatch) -- The U.S. government will record a budget deficit of $71 billion in July, the Congressional Budget Office estimated on Tuesday, bringing the total shortfall to $975 billion for the first 10 months of fiscal 2012. The deficit for July was $58 billion less than the shortfall posted a year ago, while receipts were $24 billion higher. For the fiscal year through July 2012, the deficit is $125 billion less than for the same period in fiscal 2011. The U.S. Treasury is due to report the official July budget numbers on Friday.