The Wall Street Journal: U.S. budget deficit rises for first time in five years

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President Barack Obama’s final budget deficit was $587 billion.

WASHINGTON — A slowdown in the growth of federal revenues, as well as rising government spending, pushed the U.S. deficit up in the 2016 fiscal year for the first time since 2011, reversing the trend of falling deficits as the economy recovered in recent years.

The budget shortfall widened to $587 billion in the fiscal year that ended Sept. 30, the Treasury Department said Friday, up 34% from the previous fiscal year.

That brought the deficit to 3.2% of gross domestic product, on par with the average the U.S.

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