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