AÂ Congressional Budget Office report says the U.S. budget deficit for the first half of the government’s 2016 fiscal year is aboutÂ $18 billionÂ more than the $439 billion shortfall the agency recorded in the first half of FYÂ 2015.
CBO said ThursdayÂ the amount of revenues the government has earned from individual and corporate income taxesÂ and other sources grew 4 percentÂ over the past six months to approximately $1.5 trillion.
Federal outlays also climbed 4 percent inÂ the six-month period to $1.9 trillion, driven primarily by increased interest payments on the public debt and spending levels on Social Security, Medicare and Medicaid programs, the report states.
The government incurred a $104 billion deficit during the month of March, a $15 billion increase from the prior-year period’s figure.
TheÂ amounts of government revenue and spendingÂ in the past month were $229 billion and $334 billion, respectively, CBO noted.