2016 Budget Deficit Almost Final Around $600 Billion

cropped-bob-shapiro.jpg   By Bob Shapiro

The US Budget Deficit for Fiscal 2016 is about to close, and various estimates bracket a $600 Billion Deficit. I’ve seen numerous analyses which forecast this to rise to over $1 Trillion over the next few years, largely due to the growth of Social Security, Medicare, & other Health outlays, which currently make up about 2/3 of total federal government outlays.

Here is a wealth of numbers from the Office of the President. (I copied below only a tiny amount because the many graphs didn’t copy well.)

2016 United States Budget Estimate

GDP: $16.5T

Total Receipts: $3.34T

Total Outlays: $3.95T

Total Surplus or Deficit as Percentage of GDP: -3.3%

* Note: To the extent feasible, the data have been adjusted using chained 2009 GDP to provide consistency with the 2015 Budget and to provide comparability over time.

CONTINUE READING –>

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