(MENAFN) According to a government agency, the US budget deficit is predicted to contract in the current financial year, but climb after 2017 on increasing spending, The Peninsula Qatar reported.
The Congressional Budget Office projected that the country's deficit in the fiscal year of 2015 would total USD468 billion, accounting for 2.6 percent of the gross domestic product (GDP).
Last year, the federal government deficit had hit its lowest level in six years, reaching USD483 billion and falling below 3 percent of GDP for the first time since 2007, the budget office said.
GDP increased by 5 percent in the third-quarter period, and although the pace was forecasted to moderate, the US economy remains relatively healthy in the slowing global economy.
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