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Budget office: Deficit jumps to $590 billion

By Joel Gehrke
Published August 5, 2016 9:29pm ET
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Budget office: Deficit jumps to $590 billion
National security fears and the presidential election have dominated the political discourse over the past year, but that uptick marks a sharp increase from the 2015 fiscal year, when the deficit fell to $439 billion. (AP Photo/J. David Ake, File) | J. David Ake

Congressional Budget Office auditors expect the annual deficit to hit $590 billion this fiscal year, $56 billion more than expected.

“In large part, that increase stems from lower-than-expected revenues,” the CBO explained in a Friday announcement.

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Budgets and Deficits Congressional Budget Office David Perdue Deficit Joel Gehrke Minusextra