Home / News / Treasury: Federal Deficit Soars $18B in January

Treasury: Federal Deficit Soars $18B in January

budget analysis reviewThe Treasury Department said the U.S. budget deficit hit $194 billion for the four months of fiscal 2015, compared with the $183 billion shortfall in the same period last fiscal year, the Wall Street Journal reported Wednesday.

Nick Timiraos writes the Treasury also disclosed that the federal budget gap widened slightly to $18 billion for January.

Economists polled by WSJ had forecast the U.S.’ January deficit would be approximately $20 billion, according to the newspaper.

Government spending and revenue in the first four months of FY 2015 grew 8 percent and 9 percent, respectively, over year’s figures, according to Treasury data obtained by WSJ.

The Congressional Budget Office projected that the annual budget deficit will drop to $468 billion for this fiscal year, its lowest point in 8 years.

CBO also estimated the shortfall could jump from 2.5 percent of the nation’s gross domestic product in FY 2015 to approximately 4 percent of GDP by 2025.

Check Also

GAO: Air Force to Deploy New Combat Rescue Helicopters to Active Component by FY 2020

The Government Accountability Office has found that the U.S. Air Force intends to start fielding in fiscal 2020 new Combat Rescue Helicopters to replace aging HH-60G Pave Hawk helicopters that have recorded the most flight time when it comes to staff recovery missions. GAO said in a report published Thursday the service will initially deploy the new helicopters to the active component six years ahead of the reserve component and to the Air National Guard by 2027.

Leave a Reply

Your email address will not be published. Required fields are marked *