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U.S. fiscal year budget deficit widens to $587 billion

The U.S. budget deficit widened to $587 billion for the fiscal year 2016 on slower-than-expected revenues and higher spending for programs including Social Security and Medicare, the Treasury Department said on Friday. It was the first time the deficit increased in relation to economic output since 2009, according to figures from the Congressional Budget Office. Last fiscal year's deficit was $439 billion

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U.S. fiscal year budget deficit widens to $587 billion