Home / News / CBO: Federal Deficit Drops 14% Over 9-Month Period

CBO: Federal Deficit Drops 14% Over 9-Month Period

budget analysis reviewA 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.

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Your email address will not be published.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 *