The U.S. budget deficit is expected to rise for the first time since 2009
The U.S. budget deficit will likely increase this year, the Congressional Budget Office predicted Tuesday. A jump would mark the first since 2009, The Wall Street Journal reports.
Fiscal year 2016, which ends Sept. 30, will see a shortfall between government spending and revenue of about $544 billion, up from last fiscal year's $439 billion. A small fraction of the difference can be accounted for by a calendar technicality: Since Oct. 1 falls during the weekend this year, some would-be 2017 spending is getting bumped up to fiscal year 2016. About $44 billion worth of spending, to be exact.
The CBO also predicted the deficit will rise in relation to the size of the economy in each of the next 10 years, assuming current laws hold. Not totally clear on what the deficit is and how exactly it differs from debt? You're not alone — politicians confuse the two terms all the time — and PolitiFact is here to help.
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