US budget deficit up sharply to $108 billion in March

WASHINGTON (AP) — The federal government's budget deficit rose sharply in March, pushing the deficit for the first six months of this budget year above the same period a year ago.

Much of the increase in deficits over the next decade will reflect higher costs for Social Security and Medicare as millions of baby boomers retire.

In December, Congress approved a budget package that increased spending by $1.14 trillion this year and will provide $680 billion in tax cuts over the coming decade.