By Erik Wasson - 05/07/14 04:35 PM EDT
The nonpartisan Congressional Budget Office on Wednesday estimated that the deficit for the first seven months of fiscal 2014 reached $301 billion in April.
The total is $187 billion less than the April to October shortfall in 2013.
The CBO said revenue increased $132 billion, or 8 percent, while spending decreased by $55 billion, or 3 percent.
The spending decrease is mostly attributed to increased payments from housing giants Fannie Mae and Freddie Mac, to the tune of $42 billion. The payments count as decreased spending on CBO’s books.
Pentagon spending is down $19 billion, and the expiration of extended unemployment benefits contributed to a 31 percent of $14 billion decrease in outlays for the program.