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Post by bot on Aug 25, 2015 13:36:01 GMT -5
CBO cuts 2015 budget deficit estimate by $60 billion
WASHINGTON (MarketWatch) -- The federal government will run a budget deficit of $426 billion in fiscal 2015, the Congressional Budget Office estimated Tuesday. That is $60 billion less than the shortfall the nonpartisan CBO projected in March. The CBO said the new estimate is largely a reflection of greater-than-anticipated receipts of individual and corporate income taxes. The projected 2015 deficit would be the smallest since 2007, and represent 2.4% of gross domestic product. As a result of the new estimate, the CBO now projects the government will hit its borrowing limit in November or December. The agency had previously said the Treasury would exhaust its capacity to borrow in October or November. The deficit for fiscal 2014 was $485 billion. The government's fiscal year runs from October through September.
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