16:32 GMT24 November 2020
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    WASHINGTON (Sputnik) - The US budget shortfall grew by up to $80 billion in the first five months of the fiscal year 2020 compared to the same reporting period last year, the Congressional Budget Office (CBO) said in a report.

    "The federal budget deficit was $625 billion for the first five months of fiscal year 2020… $80 billion more than the deficit recorded during the same period last year", the report said on Friday.

    Revenues and outlays were both higher through February of the current fiscal year, by 7 percent and 9 percent, respectively than the same period in 2019.

    The estimate, however, was skewed because the federal government paid some early, before due dates after 1 March, the report added.

    As a result, government outlays through February were $52 billion more than anticipated, without which the deficit for the first five months would only have been $28 billion larger than last year, the report added.

    The nonpartisan CBO issues estimates separately from the US Treasury.

    The US federal government’s 12-month fiscal year for 2020 began on 1 October of last year and will end on 30 September 2020.

    Tags:
    Congressional Budget Office (CBO), budget deficit, United States
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