The federal government will run a budget deficit of $486 billion in fiscal 2015, the Congressional Budget Office estimated on Monday. The figure is $18 billion more than the shortfall the agency projected in January, and reflects greater estimated spending for student loans, Medicare and Medicaid. The shortfall would represent 2.7% of gross domestic product. The projected deficit is slightly higher than the fiscal 2014 shortfall of $483 billion. The government's fiscal year runs from October through September.
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