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 GDP, the agency said Friday.
CBO also found that government revenue rose almost 8 percent to $3.2 trillion and net government spending climbed 5.2 percent to $3.7 trillion.
Receipts from corporate, social insurance and corporate income taxes respectively increased by 7 percent, 4 percent and 10 percent compared with prior-year levels, according to the budget watchdog’s report.
U.S. spending on defense programs during the past FY was down $15 billion and CBO attributed the decline primarily to the government’s lower overseas contingency operations spending.
The government increased its outlays for Medicare, Medicaid, Social Security and Education Department programs last year, CBO added.