(Bloomberg) -- The U.S. budget deficit will shrink for a fifth straight year in 2016, marking the longest span of improvement since the surpluses of the late 1990s, as falling unemployment helps increase revenue, the Congressional Budget Office said. The fiscal shortfall this year will decline to $468 billion, or 2.6 percent of gross domestic product, compared with $483 billion in the year ended Sept. 30 and $469 billion forecast in August, the CBO said today in Washington. Next year the gap will be $467 billion, compared with $556 billion seen in August, according to CBO. The nonpartisan agency said lower oil prices and stronger consumer spending will help drive growth this year, predicting a “slight further increase” in the dollar’s value in foreign-exchange markets. Monetary policy will help underpin the economy for the next few years, it said.
Posted on: Tue, 27 Jan 2015 04:04:51 +0000
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