U.S. Budget Gap Hits Eight-Year Low as Tax Receipts Reach Record
- Receipts jump 7.6%, outlays increase 5.2%, government says
- Treasury faces fiscal deadline next month due to debt ceiling
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The U.S. budget deficit shrank to the smallest since 2007 as stronger individual and corporate tax revenue boosted receipts to a record.
The shortfall was $438.9 billion in fiscal year 2015, 9.2 percent less than a year earlier, the Treasury Department said Thursday in a report in Washington. The Congressional Budget Office on Oct. 7 that the gap was $435 billion.