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

1 min read

budget analysis reviewThe 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 October to November 2015.

Federal spending on domestic and military programs rose 6 percent to about $616 billion during the same two-month period, CBO noted.

According to the report, outlay growth over the past two months was partly due to increased payments for Medicare, Medicaid and Social Security benefits.

CBO added Justice Department expenditures increased by $8 billion and the Defense Department‘s military investments grew by about $2 billion during the fiscal 2016’s first two months.

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