US budget deficit equal to $192.3b in February
The United States budget deficit amounted to $192.3 billion in February, shows the latest data from the Treasury Department released on Thursday.
The figure shows only a small decrease from a deficit of $193.5 billion a year ago, the Treasury Department announced.
The deficit is equal to $386.5 billion for the first five months of this budget year, showing an increase of 2.7 percent from a deficit of $376.4 billion during the first five months of the 2014 budget year.
According to the Congressional Budget Office (CBO), a deficit of $486 billion is projected for the entire budget year ending on Sept. 30, and that indicates a 0.6 percent rise from the 2014 deficit of $483.4 billion, which was the smallest annual imbalance in six years.
In February, President Barack Obama put forward a new budget proposal which predicts that the 2015 deficit will go up reaching $583 billion.
Obama is currently seeking to acquire Congress’ authorization to be able to spend $4 trillion next year projecting a deficit of $474 billion in 2016.
On Thursday, the CBO disclosed an analysis of Obama's budget proposal showing that the White House policies, if passed, would help reduce deficits by $1.2 trillion over the next 10 years.
Obama also estimated that the deficit would actually fall to $380 billion in 2016 if Congress could adopt his proposals on spending and taxes.
The president would want to see an increase in tax on wealthy people and use the extra income to rebuild the nation’s old roads and bridges.
The Obama administration also wants to provide qualified students with free community college for two years.
Republicans criticized the president's budget blueprint for too many tax increases and high-spending programs as well as his failure to tackle rising costs for certain benefit programs such as Social Security and Medicare.
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