The annual federal budget deficit is larger than expected and is now projected to reach $590 billion, according to estimates from the Congressional Budget Office.

In the first 10 months of fiscal year 2016, budget deficit projections totaled $514 billion, which is $49 billion more than what was recorded last year at this time.

Based on federal government spending and tax collections so far, the budget office now projects that the annual budget deficit will total $590 billion.

The government collected $2,679 billion in taxes in the first 10 months of fiscal year 2016, which exceeded the amount the collected last year by $7 billion dollars. This included $1,272 billion in individual income taxes, $933 billion in payroll taxes, $230 billion in corporate income taxes, and $244 billion from other receipts.

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