A newÂ Congressional Budget Office report says the budget deficit hit $463 billion for the first 10 months of the federal governmentâs fiscal year 2015, $2 billion up from the same period of the previous fiscal year.
CBO said Friday the governmentâs total receipts rose by 8 percent to reach $2.7 trillion from October 2014 to July 2015.
Receipts from payroll and individual income taxes increased by $167 billion during the 10-month period due to growth in salaries and wages.
Corporate income taxes were up $22 billion in the past 10 months due to increases in taxable profits in the past two years, CBO reports.
Total outlays also increased by 5 percent to reach $3.1 trillion over the past 10 months driven by increased spending on Medicare, Medicaid and Social Security benefits, according to CBO.
CBO said it estimates the federal annual budget deficit to decrease from the $486 billion it forecasted in March to $425 billion in fiscal year 2015.