(MENAFN) According to the Congressional Budget Office (CBO), US budget deficit is forecast to hit USD195 billion in the first four month of the current financial year, Oman Observer reported.
The USD12-billion increase in the budget gap for the October-January period was mainly driven by lower payment to the US Treasury this year from finance groups Fannie Mae and Freddie Mac.
The CBO forecast a deficit of USD19 billion in January 2015, nearly double the USD10 billion deficit registered a year ago as spending increased for the Social Security and Medicaid benefit program.
Full-year forecast deficit for the financial year ending September 30 is seen to drop to USD468 billion from USD483 billion in the last financial year as the economy strengthens.
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