The U.S. budget deficit, after falling significantly...

The U.S. budget deficit, after falling significantly in fiscal 1987, will likely climb sharply in the 1988 fiscal year, the Conference Board said in a report. The business research group said the deficit, which was cut to $148.1 billion in 1987 by “unprecedented government tax revenues and one-shot budget savings by Congress,” seems likely to jump to $186 billion in fiscal 1988. The Board said its analysis emphasized that an economic slowdown next year would sharply cut government revenues. And if the economy suffers a recession, the fiscal 1988 deficit would soar.