The U.S: Congressional Budget Office (CBO) said on Tuesday that the U.S. budget deficit could decline by $60 billion in 2015 due to higher revenue gains. The CBO expects a $426 billion deficit for fiscal year 2015, down from its previous $486 billion estimate, a $414 billion deficit for fiscal year 2016, a reduction of $41 billion from the previous estimate.

The new forecast may mean that the deficit for fiscal year 2015 could be the lowest since 2007, and there will be likely no need to raise a debt limit in December.