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CBO Monthly Budget Review for July 2015 Finds Rising Spending on Medicare, Medicaid, Social Security and Pubic Debt Interest
(Source – goldrushcam.com)
The federal government’s budget deficit amounted to $463 billion for the first 10 months of fiscal year 2015, the Congressional Budget office (CBO) estimates. That deficit was $2 billion larger than the one recorded during the same period last year. If not for shifts in the timing of certain payments (which otherwise would have fallen on a weekend), the deficit for the 10-month period would have declined by $41 billion. On the basis of the government’s revenues and spending so far this fiscal year, CBO expects that the annual deficit will total about $425 billion, which would be less than the $486 billion that the agency projected in March. CBO will publish new multiyear budget projections later in August. Read more…