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US 2016 deficit jumps but less than forecast

A deficit of $28 billion more was forecast in President Barack Obama's fiscal 2017 budget earlier this year, but lower spending than expected by a number of government departments limited the rise in the gapAfter falling for several years, the US budget deficit jumped nearly 34 percent in fiscal 2016, the Treasury Department announced Friday, but the shortfall was still smaller than originally planned. The Obama administration’s budget for the year to September 30 came in with a $587 billion deficit, out of $3.85 trillion spent during the year. A deficit of $28 billion more was forecast in President Barack Obama’s fiscal 2017 budget earlier this year, but lower spending than expected by a number of government departments limited the rise in the gap.

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