WASHINGTON — The White House is predicting the government’s budget deficit for the soon-to-close fiscal year will hit $600 billion.
That’s an increase of $162 billion over last year’s tally and a reversal of a steady trend of large but improving deficits on President Barack Obama’s watch.
The disappointing figures, while expected, come after the deficit has steadily declined since the huge $1.4 trillion deficit Obama inherited after the deep 2007-2009 recession and the associated fiscal crisis.
According to many economists, the improving economy, tax increases on higher-income earners and cuts to annual agency budgets have helped close the gap but the longer-term picture is troubling.
Neither Hillary Clinton nor Donald Trump has focused much on deficits and debt, but the rising figures may lend more urgency to the issue.
This story will be updated.
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