The federal deficit rose to $514 billion through the first 10 months of the fiscal year, the Treasury Department reported Wednesday.

That's up from $466 billion in the same period of fiscal 2015. The deficit, which is the annual shortfall for the federal government, is expected to reach nearly $600 billion for all of fiscal 2016, according to the latest projections from the White House.

That would be the first increase since 2011.

Relative to the size of the economy, deficits are anticipated to be within historical averages for the next few years. But the Congressional Budget Office projects that they will keep rising in the years ahead as entitlement spending and interest on the debt mount, eventually cracking the $1 trillion mark again.

The debt, which represents the accumulated annual deficits, is expected to rise from around 74 percent of economic output today to 86 percent by the end of the decade.

Wednesday's statement showed that the federal government has taken in $2.68 trillion so far in fiscal 2016 and spent $3.19 trillion.