CBO – “The federal government ran a budget deficit of $588 billion in fiscal year 2016, the Congressional Budget Office estimates—$149 billion greater than the shortfall recorded in fiscal year 2015. The 2016 deficit equaled an estimated 3.2 percent of gross domestic product (GDP), up from 2.5 percent of GDP in 2015. The increase in the deficit, measured as a share of the nation’s output, was the first since 2009. About $41 billion of the deficit increase resulted from a shift in the timing of some payments that the government would ordinarily have made in fiscal year 2017; those payments were instead made in fiscal year 2016 because October 1, 2016 (the first day of fiscal year 2017), fell on a weekend. If not for that shift, the deficit in 2016 would have been about $547 billion, or 3.0 percent of GDP—still considerably higher than the deficit recorded for 2015…”