Obama administration: Budget deficit increases to $587B

WASHINGTON - The government ran a $587 billion budget deficit for the just-completed fiscal year, a 34 per cent spike over last year after significant improvement from the record deficits of President Barack Obama's first years in office.

Friday's deficit news, while sobering, does not appear bad enough to jolt a gridlocked Washington into action to stem the flow of red ink. It came in an annual report by the Treasury Department and the White House budget office.

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