WASHINGTON — The U.S. Congressional Budget Office Tuesday cut its forecast for the federal government budget deficit this fiscal year to $642 billion from its February projection of $845 billion, and lowered the forecast for FY2014 deficit to $560 billion from $616 billion.

"Revenues, under current law, are projected to rise more rapidly than spending in the next two years, deficits in CBO's baseline projections continue to shrink, falling to 2.1 percent of GDP by 2015," the CBO said in its update of budget projections.

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