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CBO: Federal Deficit Down $34B Over 5-Month Period

budget analysis reviewThe federal government’s budget deficit for the first five months of fiscal 2016 was $352 billion, down $34 billion from the shortfall recorded for the same period in fiscal 2015, the Congressional Budget Office reports.

CBO said Monday the decline is partly attributed to a shift in the timing of some government payments.

The government’s receipts from October to February rose 5 percent and outlays climbed 2 percent compared with figures during the prior-year period, CBO noted.

According to the agency, deficit amounted to $192 billion for the month of February.

Government revenues hit $168 billion last month or 21 percent more than the amount recorded in the same month last year.

Total government spending during February grew by $28 billion to $360 billion due to increases in payments for refundable tax credits, outlays for net interest on the public debt and investments related to Social Security, Medicare and Medicaid programs.

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