The federal government’s budget deficit will hit $600 billion this year, according to White House projections, The Hill reported.
The projection is $16 billion less than officials originally projected, but is a $162 billion increase from the budget deficit in 2015.
"President Obama has touted the declining deficits in recent years as proof that has helped the economy rebound after the recession, though the figures released Friday could weaken that argument just six months before he leaves office," the article states.
The budget deficit fell below $1 trillion for the first time in Obama’s presidency in 2013, when it totaled $680 billion. The 2016 budget deficit is just shy of the 2013 figure, and significantly higher than deficits from the past two years.
"Last week, figures from the nonpartisan Congressional Budget Office warned of many more years of higher deficits to come, leading to ballooning national debt," the article states. "The CBO said the U.S. is on track to exceed its highest recorded level of federal debt by 2035."