The budget deficit for 2016 will be 31% higher than projected just a few months ago, thanks in great part to a $900 billion tax deal passed by Congress in December.
That same tax deal, which made many temporary tax breaks for businesses and individuals permanent, is primarily accountable for nearly half of the $1.5 trillion increase in deficits now expected over the next decade.
Just under a third of that increase is attributable to lower growth expectations.
