Budget deficit may fall by US$60b as revenue jumps

Washington

THE US budget deficit is likely to fall by US$60 billion in 2015 due to strong revenue gains, the Congressional Budget Office (CBO) said on Tuesday, adding that the government may be able to pay its bills without a debt limit hike through early December.

The CBO said it now estimates a US$426 billion deficit for fiscal year 2015, down from its US$486 billion forecast made in March. It also forecast a fiscal 2016 deficit of US$414 billion, a reduction of US$41 billion.