J. Scott Applewhite, File, Associated Press
FILE - In this March 4, 2014 file photo, copies of President Barack Obama’s proposed fiscal 2015 budget are set out for distribution on Capitol Hill in Washington. The Congressional Budget Office says the federal budget deficit will shrink this year to its lowest level since President Barack Obama took office. CBO says the deficit will be $468 billion for the budget year that ends in September. That’s slightly less than last year’s $483 billion deficit. As a share of the economy, CBO says this year’s deficit will be slightly below the historical average of the past 50 years.

WASHINGTON — The Congressional Budget Office says the federal budget deficit will shrink this year to its lowest level since President Barack Obama took office.

CBO says the deficit will be $468 billion for the budget year that ends in September. That's slightly less than last year's $483 billion deficit.

As a share of the economy, CBO says this year's deficit will be slightly below the historical average of the past 50 years.

In a report released Monday, the agency projects solid economic growth for the next few years. The official scorekeeper of Congress also expects unemployment to drop slightly.

Beyond 2018, CBO projects deficits to start rising again as more baby boomers retire and enroll in Social Security and Medicare.