WASHINGTON (Pakistan Point News / Sputnik - 07th March, 2020) The US budget shortfall grew by up to $80 billion in the first five months of fiscal year 2020 compared to the same reporting period last year, the Congressional Budget Office (CBO) said in a report.
The US Federal government's 12-month fiscal year for 2020 began on October 1 of last year and will end on September 30, 2020.
"The federal budget deficit was $625 billion for the first five months of fiscal year 2020... $80 billion more than the deficit recorded during the same period last year," the report said on Friday.
Revenues and outlays were both higher through February of the current fiscal year, by 7 percent and 9 percent, respectively, than the same period in 2019.
The estimate, however, was skewed because the federal government paid some early, before due dates after March 1, the report added.
As a result, government outlays through February were $52 billion more than anticipated, without which the deficit for the first five months would only have been $28 billion larger than last year, the report added.
The nonpartisan CBO issues estimates separate from the US Treasury.
