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 and Federal Reserve remittances rose 3 percent to nearly $1.1 billion.
Federal spending totaled $4 billion over the past four months, which was unchanged from the prior year period’s outlays due to a shift in the timing of certain payments, CBO noted.
The federal government posted a budget surplus of $50 billion for the month of January 2016, compared with an $18 billion shortfall recorded in January last year, the report states.
CBO has forecast the annual U.S. budget deficit measured as a percentage of gross domestic product will reach $544 billion “if lawmakers enact no further legislation affecting spending or revenues” for the rest of the current fiscal year.