Federal deficit narrows, CBO says, but bigger gap coming

Federal deficit narrows, CBO says, but bigger gap coming-politico: The federal deficit will narrow this year and next, new data from the Congressional Budget Office shows, but federal debt is expected to climb again in the latter part of the decade as tax receipts fall and spending on retirement and health care programs rise. Revised data released on Wednesday showed that the projected shortfall this year will be $506 billion rather than the $492 billion the nonpartisan group predicted in April, but still $170 billion smaller than the deficit in 2013.