The White House has released figures showing that the FY 2016 budget deficit will be $162 billion more than originally projected. That brings the deficit back up to $600 billion after a few years of declining deficits from a high of $1.4 trillion in 2010. Washington Times: In March, the nonpartisan Congressional Budget Office projected a $534 billion deficit in fiscal 2016, which ends on Sept. 30. Shaun Donovan, director of the White House Office of Management and Budget, said the new projection is actually $16 billion lower than the $616 billion deficit estimated by the administration in February. He said deficits are expected to remain below 3 percent of gross domestic product through the next decade. “Even as the administration made critical investments to support economic growth, it also succeeded in putting the nation on a sound fiscal path,” Mr. Donovan said. “Since 2009 federal deficits have fallen by nearly three-quarters as a share of the...(Read Full Post)