As of 7/31/13, the FY2013 federal budget deficit was $607 billion, down from $973 billion on 7/31/12, and the full year FY13 deficit is projected to be $759 billion, down from $1.089 trillion last year. Revenues to date are up $278 billion, while outlays are down $88 billion. The deficit as a percent of GDP was 6.5% in FY12 and is projected to fall to 4.4% in FY13.