(MENAFN) The US Congressional Budget Office (CBO) expects the federal government's budget deficit during the 2013 fiscal year ending in September to stand at USD642 billion, reported Xinhua News.
The non-partisan budgetary and economic research agency for Congress attributed the lower-than-expected deficit to an increase in government revenues.
The deficit is equal to 4 percent of gross domestic product (GDP), down from 10.1 percent posted in 2009.
It added that the annual budget shortfall to GDP ratio is expected to carry on declining to reach 2.1 percent of GDP by 2015 as a result of growing government revenues.
It is worth noting that in February, the CBO estimated this year's budget deficit to be at around USD842 billion.
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