WASHINGTON (Reuters) - The U.S. budget deficit will decline slightly
to $468 billion this fiscal year, the lowest level since President
Barack Obama took office, congressional forecasters said on Monday in a
report heralding the end of a brief period of dramatically shrinking red
ink.
The deficit, down from the $1 trillion-plus levels of Obama's first four years and a $483 billion gap in fiscal 2014, will stay largely flat in 2016, then begin to march upward due to rising costs for debt and caring for fast-retiring Baby Boomers.
Estimates by the Congressional Budget Office kick off what promises to be a contentious budget debate in Washington.
Republicans now in control of Congress seek to eliminate deficits within 10 years with cuts to social safety net programs while lowering tax rates and boosting military spending. Obama and his Democrats have proposed new education and infrastructure spending and tax breaks for middle-class Americans to set the agenda for the 2016 presidential election.
Obama will present his fiscal 2016 budget plan on Feb. 2.
"CBO's longer-term budget and economic projections confirm the need for Congress to act to strengthen our economy for the middle class while putting our debt and deficits on a sustainable trajectory," White House Deputy Press Secretary Eric Schultz said in a statement.
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The deficit, down from the $1 trillion-plus levels of Obama's first four years and a $483 billion gap in fiscal 2014, will stay largely flat in 2016, then begin to march upward due to rising costs for debt and caring for fast-retiring Baby Boomers.
Estimates by the Congressional Budget Office kick off what promises to be a contentious budget debate in Washington.
Republicans now in control of Congress seek to eliminate deficits within 10 years with cuts to social safety net programs while lowering tax rates and boosting military spending. Obama and his Democrats have proposed new education and infrastructure spending and tax breaks for middle-class Americans to set the agenda for the 2016 presidential election.
Obama will present his fiscal 2016 budget plan on Feb. 2.
"CBO's longer-term budget and economic projections confirm the need for Congress to act to strengthen our economy for the middle class while putting our debt and deficits on a sustainable trajectory," White House Deputy Press Secretary Eric Schultz said in a statement.
Read more Click here / www.trade4x.net
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