Tag Archives: federal budget deficit

CBO: Pandemic Pushes US Budget Deficit to $3T in Fiscal 2020

Federal Budget

The federal budget deficit for the 2020 fiscal year ended on Sept. 30th reached $3.1 trillion, more than three times higher than the prior-year period’s shortfall, according to a new Congressional Budget Office (CBO) report. According to CBO, receipts from payroll taxes, the second largest source of revenues, saw a five percent increase. 

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Treasury-OMB Report: Federal Budget Deficit at $779B in Fiscal 2018

Treasury Secretary Steven Mnuchin and Mick Mulvaney, director of the Office of Management and Budget, have issued a joint statement saying the federal budget deficit reached $779B in fiscal 2018, about $113B higher than the shortfall recorded in the previous fiscal year. The FY 2018 deficit was equivalent to 3.9 percent of the U.S. gross domestic product and $70B less than the projected shortfall in the Mid-Session Review for FY 2019, according to the statement published Monday.

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CBO: Federal Budget Deficit at $159B After 4 Months of FY 2017

A new Congressional Budget Office report shows that federal budget shortfall hit $159 billion after the first four months of fiscal 2017, approximately $1 billion lower than the figure recorded for the same period in fiscal 2016. CBO said Tuesday total amount of receipts associated with individual and corporate income taxes as well …

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CBO Raises FY 2016 Federal Budget Deficit Projection to $590B

A Congressional Budget Office report predicts the federal budget deficit to hit $590 billion in fiscal year 2016, a figure $56 billion higher than the agency’s shortfall projection in March and $152 billion up from the previous fiscal year. CBO said Tuesday it forecasts public debt to rise from $14 trillion by …

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

A 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 …

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CBO Sees $29B Decline in Federal Deficit Over 4 Months

A new Congressional Budget Office report shows that federal budget deficit amounted to $165 billion after four months of fiscal 2016, about $29 billion lower than the figure for the same period in fiscal 2015. CBO said Friday total amount of revenues earned by the government through individual and corporate income taxes …

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CBO: US Deficit at $200B After 2 Months of FY 2016

The Congressional Budget Office reports the federal budget deficit amounted to $200 billion over the first two months of the government’s 2016 fiscal year, a $22 billion increase from the same period in fiscal 2015. CBO said Monday government revenues from collection of individual and corporate income taxes grew about 3 percent to $416 billion from …

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CBO: Federal Deficit Down $44B in Fiscal 2015

The Congressional Budget Office reported the U.S. budget deficit in fiscal year 2015 ended Sept. 30 was approximately $439 billion, below the $483 billion shortfall recorded at the end of fiscal 2014. The FY 2015 shortfall measured as a percentage of gross domestic product has declined for the sixth consecutive year, reaching 2.5 percent of …

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