US budget deficit running lower this year than in 2015

Staff Writer
Columbus CEO

WASHINGTON (AP) — The federal government recorded a budget deficit in January only slightly larger than a year ago. For the first five months of this budget year, the deficit is running below the pace set last year.

The Treasury Department says the deficit in January totaled $192.6 billion, up 0.1 percent from a year ago. So far this budget year, the deficit stands at $353 billion, down 8.7 percent from the same period in 2015.

That improvement, however, is not expected to last.

Both the Obama administration and the Congressional Budget Office are forecasting deficits for the full year that will be significantly higher than last year's $439.1 billion deficit, the lowest annual deficit in eight years. The CBO sees the deficit climbing by 24 percent to $544 billion this year.