The federal government taxed away more money, spent more money and ran a bigger deficit in the first half of fiscal 2015 than it did in the first half of fiscal 2014, according to the Congressional Budget Office.
“The federal government ran a budget deficit of $430 billion for the first half of fiscal year 2015, CBO estimates–$17 billion more than the shortfall recorded in the same span last year,” the CBO said in its Monthly Budget Review for March 2015, which was published April 8. “Both revenues and outlays were about 7 percent higher than the amounts recorded in the first six months of fiscal year 2014.”
The federal fiscal year begins on Oct. 1 and ends on Sept. 30.
In the first six months of fiscal 2014, the government took in approximately $1,323,000,000,000 in revenue, according to CBO. In the first six months of this fiscal year, it took in approximately $1,420,000,000,000—an increase of $98,000,000,000.