U.S. government deficit down 17% from same period a year ago
ABC News
The U.S. budget deficit totaled $356.4 billion in the first two months of the budget year, down 17% from the same period a year ago as a sharp jump in government revenues offset a smaller increase in spending
WASHINGTON -- The U.S. budget deficit totaled $356.4 billion in the first two months of the budget year, down 17% from the same period a year ago as a sharp jump in government revenues offset a smaller increase in spending.
In its monthly budget report, the Treasury Department said Friday that the government's deficit in October and November was $72.9 billion below the deficit in the same two months last year. The government's budget year starts on Oct. 1.
The improvement reflected the fact that government revenues have been rising at a faster pace than government spending over the past two months.
For the October-November period, tax revenues totaled $565.1 billion, a sharp 23.6% above revenues in the same period last year and a record for the first two months of the budget year.
