CBO: US Deficit Slumped in October and November Compared to Last Year

On December 6th, CBO (Congressional Budget Office) published its projections concerning federal government budget in October and November. According to their estimates, the federal government ran a budget deficit of $231 billion for the first two months of fiscal year 2014, $61 billion less (-21%) than the shortfall recorded in October and November of last year.

 

More from CBO:

 

The federal government ran a budget deficit of $231 billion for the first two months of fiscal year 2014, $61 billion less than the shortfall recorded in October and November of last year, CBO estimates.
 
Receipts for the first two months of fiscal year 2014 totaled $380 billion, CBO estimates—$34 billion more than receipts during the same period last year.
 
Outlays for the first two months of fiscal year 2014 were $27 billion less than they were during the same period last year, CBO estimates.

 
 
These figures show that the deficit keeps on falling sharply so that the most recent CBO projection which puts the fiscal 2014 deficit at 3.3% of GDP, down from 4.1% in fiscal 2013, should be revised downward in the coming months. The fact is that the decrease of outlays would have been slightly larger if not for shifts in the timing of certain payments from December to November (because December 1 fell on a weekend in both years).