WASHINGTON - The Congressional Budget Office yesterday projected that the U.S. budget deficit will fall to just below $200 billion and then level off between fiscal 1995 and 1998 largely due to the enactment of President Clinton's budget plan.

The Office of Management and Budget last week had seen the deficit dropping to a low point of $180 billion in 1995 and 1986, somewhat below the low of $190 billion in 1996 predicted by the congressional agency in its mid-year forecast.

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