Home / Latest News / CBO: US Budget Shortfall at $397B After 9 Months of FY 2016

CBO: US Budget Shortfall at $397B After 9 Months of FY 2016

budget analysis reviewA Congressional Budget Office report shows the federal government’s budget deficit for the first nine months of fiscal 2016 reached $397 billion, up $81 billion from the shortfall recorded for the same period in fiscal 2015.

CBO said Friday that revenues grew one percent to about $2.5 trillion and expenditures increased by four percent to $2.9 trillion over the past nine months.

Surplus decreased from $50 billion in June 2015 to $10 billion last month, the agency noted.

According to CBO, the three-percent decline, or $12 billion, in revenue for the month of June 2016 is largely due to lower corporate income tax payments.

The agency also found that spending in the past month was $321 billion, up $28 billion from the prior-year period.

CBO said the Federal Communications Commission did not receive payments from auctions of electromagnetic spectrum licenses and the U.S. government spent $2 billion more on Medicare and Social Security programs last month.

The government also collected $2 billion less in payments from government-sponsored enterprises Fannie Mae and Freddie Mac while outlays for net interest on the public debt climbed by $5 billion, the report states.

These are the factors that CBO says triggered the overall spending increase during the month of June.

Check Also

Senate Passes Bill to Establish DHS Bug Bounty Program

The Senate has voted unanimously in favor of a bill that would establish a bug bounty …

Leave a Reply

Your email address will not be published.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