US budget deficit running lower this year than in 2015

Both the Obama administration and the Congressional Budget Office are forecasting deficits for the full year that will be significantly higher than last year's $439.1 billion deficit, the lowest annual deficit in eight years.

The measured included many of the domestic spending increases that President Barack Obama and Democrats in Congress had been seeking.

Both CBO and the administration see the deficit worsening over the next decade, driven higher by rising costs for Social Security and Medicare, which will come under pressure as millions of baby boomers retire.