Thursday, October 16, 2014

In 2014, U.S. Budget Deficit Falls To Pre-Recession Level

As tax revenues increased and spending cuts took effect, the 2014 budget deficit dropped to the lowest level in six years.

In a statement, the Treasury Department hailed the news by pointing out a few key figures:

— "The deficit in FY 2014 fell to $483 billion, $197 billion less than the FY 2013 deficit and $165 billion less than forecast in President Obama's FY 2015 Budget."

— As a percentage of GDP, the deficit fell to 2.8 percent, "the lowest level since 2007 and less than the average of the last 40 years."

— In terms of dollars, the 2014 deficit is the lowest it has been since 2008.

"The President's policies and a strengthening U.S. economy have resulted in a reduction of the U.S. budget deficit of approximately two-thirds — the fastest sustained deficit reduction since World War II," Treasury Secretary Jacob J. Lew said in a statement. npr

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