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US deficit grows 13.6% in 2017, now 3.5% of GDP

[WASHINGTON] The US budget deficit grew to US$666 billion in fiscal year 2017, up 13.6 per cent from the year before, according to official data released Friday.

The deficit now accounts for 3.5 per cent of gross domestic product, up from 3.2 per cent in 2016.

"Growth in spending outpaced growth in tax receipts for the second year in a row as a result of historically subpar economic growth," a Treasury Department statement said.


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