FY 2016 Budget Deficit Larger Than Expected

Now projected to reach $590 billion

cashThe annual federal budget deficit is larger than expected and is now projected to reach $590 billion, according to estimates from the Congressional Budget Office.

CBO: Deficit, Public Debt to Double Over Next 10 Years

Despite rising tax collection, government continues to spend outside its means

The deficit is estimated to more than double in 10 years, which is projected to push debt held by the public up to 77 percent as a percentage of Gross Domestic Product (GDP), according to Congressional Budget Office (CBO) estimates.

Government Collects Record-High Taxes in First 10 Months of FY 2015

Despite collecting $2.6 trillion, government still runs $465B deficit

The federal government collected a record amount of taxes in the first 10 months of fiscal year 2015, exceeding $2.6 trillion in revenue, according to the latest monthly Treasury Department statement. Despite the record revenue, the federal government ran a deficit of $465 billion.