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Monthly Budget Review for September 2018

October 5, 2018
By Congressional Budget Office

This report, published by the Congressional Budget Office (CBO), reviews the state of the U.S. government’s finances for Fiscal Year 2018.

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This report, published by the Congressional Budget Office (CBO), reviews the state of the U.S. government’s finances for Fiscal Year 2018.

The gap between federal spending and federal revenue continued to grow, CBO writes.

The federal budget deficit was $782 billion in fiscal year 2018, the Congressional Budget Office estimates, $116 billion more than the shortfall recorded in fiscal year 2017,” CBO wrote.

The deficit’s size also increased relative to total Gross Domestic Product (CBO), CBO writes.

“The 2018 deficit equaled an estimated 3.9 percent of gross domestic product (GDP), up from 3.5 percent in 2017,” CBO wrote. “Fiscal year 2018 was the third consecutive year in which the deficit increased as a percentage of GDP. By CBO’s estimate, revenues were about the same and outlays were about 3 percent higher in 2018 than they were in the previous fiscal year. CBO’s estimates are based on data from the Daily Treasury Statements issued by the Department of the Treasury; the department will report the actual deficit for fiscal year 2018 later this month.”

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Government Spending