Econintersect: The Federal deficit has declined by $61 billion for the first two months of FY2014 (October and November) compared to the deficit for the same two months FY 2013, a decline of 21%. Government expenditure declined by $27 billion for the period while tax receipts increased by $34 billion, $24 billion from higher receipts from the reinstated FICA tax. The numbers come from The Monthly Budget Review for November 2013 from the CBO (Congressional Budget Office) which is available after the Read more >> jump.
The deficit for fiscal 2013 was $680 billion, larger than the $641 billion estimate made in August 2013 and $642 billion in May 2013. The projections for 2014, 2015 and 2016 are $387 billion, $213 billion and $186 billion, respectively. The deficit for FY2012 was $1.1 trillion.
Following is the full CBO report released 06 December 2013.
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Sources:
- Monthly Budget Review for November 2013 (CBO, 06 December 2013)
- How the Actual Federal Budget Results for 2013 Compared With CBO’s May 2013 Estimates (CBO, 06 November 2013)
- Budget Projections – August 2012 Baseline (CBO, 22 August 2012)
