The budget deficit, according to Congressional Budget Office projections, is expected to reach a seven-year low for 2015.
According to reports, data released by the CBO on Aug. 7 showed that the deficit is on track to drop to $425 billion from the $486 billion projected in March. If the number indeed drops to $425 billion by the end of the fiscal year on Sep. 30, it would be the lowest since 2008.
Last year’s deficit, according to The Hill, was $483 billion.
The CBO said that in the first 10 months of the year, $196 billion more was collected in taxes than during the same period of time last year. Spending was also $198 billion higher than last year, due to an increase in spending for entitlement programs such as Medicaid, Medicare and Social Security.
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According to MSNBC, a Bloomberg poll from late last year showed that 73 percent of Americans believed the deficit had been getting bigger over the past six years.
Another poll from the year before found just 6 percent of Americans acknowledging that the deficit was shrinking
The CBO is set to release its multi-year budget projections later in August.