DEFICIT FOR 2016-17 COULD BE $3 BILLION LOWER THAN FORECAST IN NOVEMBER UPDATE

The November 2016 Update forecasts a deficit of $25.1 billion for 2016-17.  Based on the financial results for the first nine months of 2016-17, public debt charges could be as much as $1 billion lower than forecast in the Update, while direct program expenses could be at least $2 billion lower.  Budgetary revenues appear to be on track, with differences in components offsetting each other.  On balance, the final outcome for 2016-17 could be at least $3 billion lower than forecast in the November Update, excluding extraordinary accrual adjustments.

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