The White House cut its estimate of the 2015 fiscal year budget deficit to $455 billion. The new estimate is $128 billion lower than the $583 billion deficit projected in February. As a percentage of gross domestic product, the 2015 deficit is projected to equal 2.6%, down from the 3.2% projected in February. The deficit for fiscal 2014 was $483 billion. The government's fiscal year runs from October to September.
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