US Budget Deficit Lowest in 5 Years

Discussion in 'Politics' started by InTheLight, Aug 14, 2013.

  1. InTheLight

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    Dec 17, 2010
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    WASHINGTON—The U.S. government is posting the strongest revenue since before the recession, buoyed by higher tax rates and a slowly improving economy, leaving the federal budget on track for its narrowest deficit in five years.

    Overall, the government is still spending well more than it collects, albeit at a slower pace. The budget deficit for the 10 months reached $607.42 billion, 38% narrower than a year earlier.

    For the fiscal year ending Sept. 30, the Congressional Budget Office estimates a deficit of $642 billion, compared with $1.087 trillion a year earlier and the smallest gap since 2008's $458.55 billion shortfall.


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