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CBO Raises FY 2015 Deficit Forecast to $486B

chart moneyThe Congressional Budget Office forecasts the U.S. annual budget deficit to reach $486 billion, $18 billion higher than the agency’s shortfall projection in January.

CBO adjusted its federal debt estimate for fiscal 2015 due to an anticipated increase in government spending for Medicaid, Medicare and student loan programs, the agency said Monday.

The agency also lowered its 10-year cumulative deficit forecast to $7.2 trillion between 2016 and 2025, a $431 billion decrease from the January forecast.

This downward revision is largely driven by CBO’s reduced estimates for Affordable Care Act costs.

Federal debt would equal 73 percent or 74 percent of the U.S. gross domestic product over the next few years and climb to 77 percent of the country’s GDP by 2025, according to CBO.

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