The federal government’s budget deficit for the first five months of fiscal 2016 was $352 billion, down $34 billion from the shortfall recorded for the same period in fiscal 2015, the Congressional Budget Office reports.
CBO said Monday the decline is partly attributed to a shift in the timing of some government payments.
The government’s receipts from October to February rose 5 percent and outlays climbed 2 percent compared with figures during the prior-year period, CBO noted.
According to the agency, deficit amounted to $192 billion for the month of February.
Government revenues hit $168 billion last month or 21 percent more than the amount recorded in the same month last year.
Total government spending during February grew by $28 billion to $360 billion due to increases in payments for refundable tax credits, outlays for net interest on the public debt and investments related to Social Security, Medicare and Medicaid programs.