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CBO: Fiscal 2015 Federal Deficit through May about 10% below Last Year

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More good news … the budget deficit in fiscal 2015 will probably be lower than the recent CBO March forecast.

From the Congressional Budget Office (CBO) today: Monthly Budget Review for May 2015

The federal government ran a budget deficit of 8 billion for the first eight months of fiscal year 2015, CBO estimates. That deficit was billion smaller than the one recorded during the same period last year. Revenues and outlays were both higher than the amounts recorded during the same period in fiscal year 2014—by 9 percent and 4 percent, respectively. If not for shifts in the timing of certain payments (which otherwise would have fallen on a weekend), the deficit for the eight-month period would have been billion less this year than it was in fiscal year 2014. …

And for May 2015:

The federal government recorded a deficit of billion in May 2015, CBO estimates— billion less than the deficit in May 2014. If not for the effects of timing shifts that occurred in May 2014, the deficit in May 2015 would have been billion (or 10 percent) smaller than it was in the same month last year.
emphasis added

The consensus was the deficit for May would be around billion, and it appears the deficit for fiscal 2015 will be smaller than the CBO currently expects (less than 2.7% of GDP).
Calculated Risk

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