U.S. budget deficit to reach $600 billion in 2016

The U.S. budget deficit is projected to rise to $600 billion in 2016, $16 billion less than previously expected, the White House Office of Management and Budget said on Friday, Reuters reported.

In a mid-session review, the administration said the 2016 deficit is now projected to be 3.3 percent of Gross Domestic Product (GDP).