US Budget Deficit Narrows 13% on Rising Tax Receipts

US Budget Deficit Narrows 13% on Rising Tax Receipts

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budget deficit is downThe U.S. government posted a smaller budget deficit in August compared with the same month last year, helped by rising tax receipts.

The $90.5 billion deficit for August was 13 percent lower than the gap last year, when the Bush Administration posted a deficit of $103.6 billion in August 2009.

The economic recovery has helped generate more tax revenue for the Treasury, according to a report from the non-partisan Congressional Budget Office, which forecasts the budget deficit will amount to 9.1 percent of gross domestic product this year, only exceeded in the past 65 years by 2009’s 9.9 percent.

(READ the full article in Bloomberg.com)

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