US Budget Deficit Running Slightly Above Last Year’s Pace
The deficit through the first half of the budget year is running slightly above last year’s pace, with the March imbalance up $16 billion over a year ago.
The Treasury Department says the March deficit totaled $52.9 billion compared to a deficit of $36.9 billion in March 2014. Through the first six months of the budget year, the deficit totals $439.5 billion, 6.3 percent higher than last year’s six-month deficit of $413.3 billion.
The Congressional Budget Office is forecasting that the deficit for the whole year will likely total $486 billion, very close to the 2014 deficit of $483.4 billion.
Congress is returning from a two-week recess facing what is expected to be months of wrangling among Republicans and the Obama administration and Democratic lawmakers over competing budget plans.
This article appeared in print in edition of Hamodia.
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