This year's U.S. budget deficit forecast falls

05/15/2013 | New York Times (tiered subscription model), The

The Congressional Budget Office said the U.S. budget deficit for the fiscal year that ends Sept. 30 will be $200 billion less than the figure it projected just three months ago, as the recovering economy boosts government revenues. The shortfall will narrow to about $642 billion, 4% of the gross domestic product, the nonpartisan budget watchdog of Congress said. The agency expects the deficit to contract to 2.1% of GDP by 2015 and then increase through the rest of the decade.

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