Budget Deficit Will Hit Obama-era Low Of $468 Billion In 2015, CBO Forecasts

The federal government will run a budget deficit of $468 billion in fiscal 2015, the Congressional Budget Office estimated on Monday. That would represent 2.6% of gross domestic product, and is slightly less than the fiscal 2014 deficit of $483 billion. The fresh estimate is nearly identical to the 2015 deficit CBO projected in August. The nonpartisan agency said deficits would begin to rise in fiscal 2017, as the government spends more on Social Security, Medicare and debt payments. The government's fiscal year runs from October through September.