For the first 10 months of fiscal year 2019, the U.S. government recorded an estimated budget deficit of $867 billion, according to a Congressional Budget Office (CBO) report. This was $184 billion more than the deficit in the same period in FY2018.
Also compared to the same 2018 period, revenues rose by $92 billion and outlays were $276 billion higher. Individual income and payroll taxes were up $78 billion (3%) and withholding grew by $51 billion (3%). That “largely reflects increases in wages and salaries that were partly offset by a decline in the share of income withheld for taxes,” the CBO said.
