CBO: Deficit 41 Percent Higher in First Quarter Fiscal Year '19

The federal budget deficit for the first quarter of fiscal year 2019 was 41 percent higher than the same period last year, according to data pulled from the Congressional Budget Office, The Hill reports.

CBO said the federal budget deficit was $317 billion for the period starting Oct. 1, 2018 and ending Dec. 31, 2018, $92 billion more than the first quarter of fiscal year 2018. Adjusted for timing shifts impacting payments – payments were made at a different time because the last fiscal year started on a weekend – the deficit would have climbed by just $47 billion during the quarter.

The report also said the government ran a budget deficit of $11 billion in December, $12 billion less than the same month a year ago.

Other findings include:

• Customs duties shot up by $8 billion, or 83 percent, "largely because of new tariffs imposed by the administration during the past year."
• Corporate income taxes fell by $9 billion, a decline which "largely reflects changes made by the 2017 tax act."
• Outlays spiked $93 billion, or 9 percent.
• Social Security benefits rose by $12 billion, and Medicare and Medicaid outlays increased by $3 billion and $2 billion, respectively.

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