(WASHINGTON TIMES) The federal government has sunk deeper into the red than analysts projected just five months ago, and is now poised to post a $590 billion shortfall this fiscal year, the Congressional Budget Office said Friday.
That’s some $56 billion worse than the CBO had projected in March, and it comes as new spending far outpaces revenues.
Both individual and corporate income tax revenue is down so far this year — though the reasons are not fully clear yet, analysts said. What is clear, though, is that government spending continues to rise, and when adjusted for the timing of payments is up about 3 percent compared to 2015.
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