U.S. Budget Deficit Lowest Since 2008

blog1The U.S. budget deficit fell by 28.5% during fiscal 2014 to $486 billion, the smallest shortfall since 2008 and the fifth straight year the deficit has declined as a percentage of gross domestic product, according to the Congressional Budget Office.

In its latest monthly budget review, the CBO said receipts grew nearly 9% from the previous year to $3.01 trillion, while spending rose 1.4% to $3.5 trillion. In August, the non-partisan agency had predicted a slightly larger shortfall of $506 billion.

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