U.S. budget deficit projected to fall to $514 bil. in FY 2014

WASHINGTON. KAZINFORM The U.S. budget deficit in fiscal 2014 through September will fall to $514 billion, the lowest level in six years, compared with $680 billion in the previous fiscal year, the Congressional Budget Office said Tuesday.
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The budget deficit will continue falling in fiscal 2015, coming to $478 billion, but it will turn upward in fiscal 2016 to $539 billion and to $581 billion the following year, the budget office said, warning the trend of fiscal consolidation will be short-lived due mainly to snowballing social security costs, Kyodo reports. The budget deficit for fiscal 2014 will account for 3.0 percent of inflation-adjusted gross domestic product, down from 4.1 percent the previous year, and come to 2.6 percent in fiscal 2015 before turning to an expansion the next fiscal year, the office said.

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