US deficit to dip to $468 billion in FY 2015

WASHINGTON: The US budget deficit will decline slightly to $468 billion this fiscal year from $483 billion last year, the Congressional Budget Office said on Monday in a report that marks the end to an era of dramatically falling deficits.

The CBO said that it expected deficits to hold steady relative to the size of the US economy through 2018, but then rise above their 50-year average due to rising costs for servicing the national debt and caring for the retiring Baby Boom generation.