U.S. budget deficit hits $587 billion in 2016, less than forecast: White House


The U.S. budget deficit for fiscal year 2016 totaled $587 billion, $28 billion less than previously expected, the White House Office of Management and Budget said on Friday.

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The administration said the 2016 deficit was equivalent to 3.2 percent of gross domestic product.

(Reporting by Ayesha Rascoe and Timothy Gardner, editing by G Crosse)