(MENAFN) The US federal government's deficit for the first two months of the new budget year that began October 1 registered a decline by 21 percent compared to the same period last year to reach USD178.5 billion, as well as declining by 58 percent in November to reach USD58.6 billion, compared with USD135.2 billion in November last year, Arab News reported.
In October and November, tax receipts totaled USD404.2 billion, increasing by 6 percent compared with the same period last year, while outlays totaled USD582.7 billion for the two months, declining by 4 percent in comparison with the corresponding period 2013.
The Treasury department said that the USD483 billion deficit for 2014 was the smallest since 2008, with the current deficit equaling 2.8 percent of gross domestic product, below the average for the last four decades, and lower than 2013 when the deficit was USD680 billion, or 4.1 percent of GDP.
The Central Bank of America said that it expects that the deficit for the 2015 budget year, which runs through next September, will fall to USD469 billion from USD483.3 billion in 2014, thus declining by 3 percent.
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