US budget deficit drops to 2.5-pct in 2015; lowest since 2007

US-treasury

U.S. Department of the Treasury

Oct 16, 2015 (LBO) – The United States Treasury Department on Thursday said country’s budget deficit has dropped to 2.5 percent of GDP in 2015, the lowest since 2007 and less than the average of the last 40 years.

Year-end data from the September 2015 Monthly Treasury Statement of Receipts and Outlays of the United States Government show that the deficit for 2015 was 439 billion US dollars.

It represents a decrease of 44 billion US dollars, or 9 percent, from the prior year and as a percentage of GDP, the deficit fell to 2.5 percent, down from 2.8 percent in 2014.

2015 actual deficit of 439 billion US dollars was 144 billion US dollars, or 25 percent, less than the estimate in the 2016 Budget, and 16 billion US dollars, or 3 percent, less than estimated in the 2016 Mid-Session Review, a supplemental update to the Budget published in July.

Treasury Secretary Jacob J. Lew released details of 2015 final budget results, which show significant progress in reducing the deficit.

“Under the President’s leadership, the deficit has been cut by roughly three-quarters as a share of the economy since 2009 – the fastest sustained deficit reduction since just after World War II.” Secretary Lew said.

The US government however, has obtained 1.8 trillion US dollars in deficit reduction primarily from health, tax, and immigration reforms.

US-budget-deficit-2015

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