A new Congressional Budget Office report says the federal government’s budget deficit sat at $285 million after seven months of the current fiscal year, a figure $22 billion lower from the prior year period.
In a report published Thursday, CBO also says that the government’s receipts and outlays from October 2014 to April 2015 are both greater than those during the same seven-month period in the previous fiscal year.
Surplus also rose by $48 billion from April 2014 to reach $155 billion last month, the agency says.
CBO indicates that the nine-percent, or $155 billion increase, in revenue is partly due to larger individual and corporate income tax payments.
According to its report, salary growth or payments during the tax-filing season beginning February could explain the increased collection from individual income taxes and payroll taxes, while the higher corporate income taxes could be due to higher taxable profits.
CBO also says outlays also rose by seven percent or $133 billion for the first seven months of this fiscal year through increases in payments from Fannie Mae and Freddie Mac and spending for Medicaid, Medicare and Social Security benefits.
The agency notes that lower outlays for the net interest on public debt, unemployment benefits and Defense Department military activities have helped offset part of the indicated increased spending.