October 14, 2016 / 8:47 PM / a year ago

U.S. budget deficit hits $587 billion in 2016, less than forecast: White House

WASHINGTON (Reuters) - The U.S. budget deficit for fiscal year 2016 totaled $587 billion, $28 billion less than previously expected, the White House Office of Management and Budget said on Friday.

The administration said the 2016 deficit was equivalent to 3.2 percent of gross domestic product.

Reporting by Ayesha Rascoe and Timothy Gardner, editing by G Crosse

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