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CBO: FY 2014 Federal Deficit Down $170B From a Year Ago

budget analysis reviewThe Congressional Budget Office estimates that the U.S. budget deficit for the current fiscal year will reach $506 billion, a $170 billion decrease from the shortfall level recorded in fiscal 2013.

CBO’s updated budget and economic outlook report indicates that federal debt will be 74 percent of the U.S. gross domestic product by the end of fiscal 2014.

The FY 2014 public debt-to-GDP ratio is the highest in the past 64 years, according to the agency.

CBO expects overall federal spending to grow by 2 percent to $3.5 trillion this year and predicts a 4 percent increase in mandatory program investments.

Annual net outlays across the government are projected to increase by $2.3 trillion over the next decade, driven by factors such as an aging population and expanding healthcare subsidies.

The agency also forecasts that federal revenues will grow at a yearly rate of 4.9 percent, or by $1.8 trillion, between 2014 and 2024.

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