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U.S. deficit estimated to shrink by USD1.2 trln in 2016-2025: CBO

Xinhua, March 13, 2015 Adjust font size:

The U.S. deficit is estimated to see a net reduction of 1.2 trillion U.S. dollars between 2016 and 2025 under President Barack Obama's fiscal 2016 budget proposal, the Congressional Budget Office (CBO) said Thursday.

The deficit reduction is smaller than the 1.8 trillion dollars cut claimed by the White House.

According to the CBO, the deficit reduction is mainly due to the White House's proposals for higher taxes on the wealthy and the foreign earnings of American companies, lower spending on military operations in Afghanistan and net savings from the immigration reforms.

The CBO said in its report on March 9 that the budget deficit in 2015 fiscal year which runs from Oct. 1, 2014 to Sept. 30, 2015 will total 486 billion U.S. dollars, slightly higher than the CBO' s forecast of 468 billion dollars in January. The projected deficit for the 2016-2025 period will total 7.2 trillion dollars. Endite