CBO: Deficit falls another 28 percent, revenues up 9 percent

http://jaybookman.blog.ajc.com/2014/10/08/cbo-deficit-falls-another-28-percent-revenues-up-9-percent/

By Jay Bookman
October 8th, 2014

The 2014 federal budget year ended on Sept. 30, and the preliminary numbers are in, courtesy of the Congressional Budget Office:

“The federal government ran a budget deficit of $486 billion in fiscal year 2014, the Congressional Budget Office (CBO) estimates—$195 billion less than the shortfall recorded in fiscal year 2013, and the smallest deficit recorded since 2008. Relative to the size of the economy, that deficit—at an estimated 2.8 percent of gross domestic product (GDP)—was slightly below the average experienced over the past 40 years, and 2014 was the fifth consecutive year in which the deficit declined as a percentage of GDP since peaking at 9.8 percent in 2009.

By CBO’s estimate, revenues were about 9 percent higher and outlays were about 1 percent higher in 2014 than they were in the previous fiscal year.”

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