US Budget Deficit Lowest in 5 Years

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.



http://online.wsj.com/article/SB10001424127887324085304579008922578996940.html