CBO: Deficit to shrink to lowest level of Obama presidency

WASHINGTON (AP) — The Congressional Budget Office says the federal budget deficit will shrink this year to its lowest level since President Barack Obama took office.

CBO says the deficit will be $468 billion for the budget year that ends in September. That's slightly less than last year's $483 billion deficit.

As a share of the economy, CBO says this year's deficit will be slightly below the historical average of the past 50 years.

In a report released today, the agency projects solid economic growth for the next few years. The official scorekeeper of Congress also expects unemployment to drop slightly.

Beyond 2018, CBO projects deficits to start rising again as more baby boomers retire and enroll in Social Security and Medicare.