WASHINGTON: The U.S. federal government budget deficit decreased in August, providing fresh confidence that the country is poised to meet its deficit cuts goal, the U.S. Treasury Department said Friday.
The budget deficit stood at 64.4 billion U.S. dollars in August, 50 percent less than the amount recorded a year ago.
In the first eleven months of the fiscal year 2015, which started last October and ends in September this year, the deficit is running ten percent below last year’s level.
Last week, the Congressional Budget Office (CBO) predicted that the budget deficit in the 2015 fiscal year will total 425 billion U.S. dollars, down more than 12 percent from its earlier forecast of 486 billion U.S. dollars.
