A Congressional Budget Office report shows that the U.S. budget deficit reached $314 billion during the first nine months of the federal government’s 2015 fiscal year, down $52 billion from the prior-year period.
Revenues earned by the government rose 8 percent and expenditures grew 5 percent over the past nine months, CBO said Wednesday.
According to the agency, overall receipts from individual income and payroll taxes increased by $153 billion while corporate income taxes were up $22 billion.
Federal spending on social security benefits, Medicaid, Medicare and student loans increased since October, the report states.
Outlays for the Defense Department‘s military programs fell by $9 billion, or 2 percent, while unemployment benefit outlays decreased $10 billion, or 26 percent.
CBO estimates the U.S. had a $51 billion surplus in June, about $20 billion less than the surplus recorded in the same month last year.