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CBO's Budget-Deficit Projection Widened on Lower Tax Revenue

The Congressional Budget Office projected a wider deficit for this fiscal year and bigger gaps in the coming years, after lawmakers approved about $680 billion in revived tax breaks over the next 10 years.

The CBO is forecasting a budget gap of $544 billion this year, according to a report released Tuesday in Washington. That compares with a $414 billion deficit projected in August, and the 2015 deficit of $439 billion. The office lowered its 2016 revenue estimate to $3.38 trillion from $3.51 trillion.