This week CBO released a preview of its annual Budget and Economic Outlook for the 2016-2026 period. If the 2016 deficit projection is accurate, this will be the first time that it has risen in relation to the size of the economy since peaking at 9.8 percent in 2009.

This week the Congressional Budget Office (CBO) released a preview of its annual Budget and Economic Outlook for the 2016-2026 period. The complete report, which updates projections made last January, will be released next week for use by the congressional budget writing committees that aid Congress in the drafting of a fiscal blueprint for FY 2017.According to CBO, the 2016 deficit will be $544 billion or $105 billion more than last year. This equates to 2.9 percent of the...