“The federal budget deficit was $514 billion for the first 10 months of fiscal year 2016, CBO estimates—$49 billion more than the shortfall recorded during the same period last year. Both revenues and outlays were higher than they were last year, but outlays rose much more. If not for shifts in the timing of certain payments (which otherwise would have fallen on a weekend), the deficit for the 10-month period would be $92 billion larger than last year’s amount. The government’s revenues and spending so far this fiscal year lead CBO to expect that the annual deficit will total $590 billion—rather than the $534 billion that the agency projected in March, when it released its most recent set of budget projections. In large part, that increase stems from lower-than-expected revenues. Later this August, CBO will publish detailed estimates for this year and new multiyear budget projections.”