Deficit in U.S. to Narrow to $468 Billion This Year, CBO Says

Bloomberg reports:

The U.S. budget deficit this year will shrink more than previously forecast and unexpectedly narrow again next year as falling unemployment helps increase revenue, the Congressional Budget Office said.

The fiscal 2015 deficit will decline to $468 billion, or 2.6 percent of gross domestic product, compared with $483 billion in the year ended Sept. 30 and $469 billion forecast in August, the CBO said today in Washington. Next year the gap will be $467 billion, compared with $556 billion seen in August, according to CBO.

The nonpartisan agency said lower oil prices and consumer spending will help drive growth this year. Monetary policy will help underpin the economy for the next few years and by smaller degrees over the longer term, it said.

Still a long way to a balanced budget.