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US Budget Deficit in Fiscal Year 2016 Reaches $587Bln - Treasury

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The US budget deficit in fiscal year 2016 was $587 billion or $28 billion less than in the 2017 budget forecast of President Barack Obama, the US Treasury Secretary Jacob Lew said in a joint statement with Office of Management and Budget Director Shaun Donovan.

WASHINGTON (Sputnik) — The officials hailed the economic and fiscal progress under the Obama administration as remarkable.

"As a percentage of Gross Domestic Product (GDP), the deficit was 3.2 percent, about two-thirds lower than the deficit in FY [fiscal year] 2009 and equal to the average of the last 40 years," the release stated on Friday.

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