U.S. deficit forecast to shrink in 2017 but climb over next decade

A man pushes his shopping cart down an aisle at a Home Depot store in New YorkThe U.S. budget deficit is expected to dip during the current fiscal year but balloon over the next decade, the nonpartisan Congressional Budget Office said in a report on Tuesday that showed President Donald Trump inheriting a tricky long-term fiscal picture. The CBO projected the deficit, the amount that government expenditures exceed incoming revenue, to fall slightly to $559 billion in fiscal year 2017, which ends on Sept. 30, compared to $587 billion a year earlier, and it was seen lower still in 2018 at $487 billion. After that, according to the CBO, deficits are expected to grow steadily over the next decade to $1.4 trillion by fiscal 2027, in part due to costs associated with the retiring baby-boom generation.

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