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By Washington Times, Aug 23, 2016
An economy still struggling to recover from the Wall Street collapse has kept government revenue low, rising by less than 1 percent. But that hasn’t restrained Washington’s spending, which will rise 5 percent this year, as aging baby boomers continue to sign up for Social Security and Medicare.
All told, the government will end fiscal year 2016 some $590 billion in the red, or about 3.2 percent of gross domestic product. That’s up from 2.5 percent the previous year — marking the first backslide in six years.
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