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Treasury: Federal Deficit Soars $18B in January

budget analysis reviewThe Treasury Department said the U.S. budget deficit hit $194 billion for the four months of fiscal 2015, compared with the $183 billion shortfall in the same period last fiscal year, the Wall Street Journal reported Wednesday.

Nick Timiraos writes the Treasury also disclosed that the federal budget gap widened slightly to $18 billion for January.

Economists polled by WSJ had forecast the U.S.’ January deficit would be approximately $20 billion, according to the newspaper.

Government spending and revenue in the first four months of FY 2015 grew 8 percent and 9 percent, respectively, over year’s figures, according to Treasury data obtained by WSJ.

The Congressional Budget Office projected that the annual budget deficit will drop to $468 billion for this fiscal year, its lowest point in 8 years.

CBO also estimated the shortfall could jump from 2.5 percent of the nation’s gross domestic product in FY 2015 to approximately 4 percent of GDP by 2025.

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