TribLIVE

| USWorld


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Deficit below $1T for first time in 5 years

Daily Photo Galleries

By The Associated Press
Wednesday, Oct. 30, 2013, 6:42 p.m.
 

WASHINGTON — For the first time in five years, the government has run a budget deficit below $1 trillion.

The government said on Wednesday that the deficit for the 2013 budget year totaled $680.3 billion, down from $1.09 trillion in 2012. That's the smallest imbalance since 2008, when the government ran a $458.6 billion deficit. It's still the fifth-largest deficit of all time.

The deficit is the gap between the government's tax revenue and its spending. It narrowed for the budget year that ended on Sept. 30 because revenue rose while spending fell. Revenue jumped 13.3 percent to $2.77 trillion. Government spending declined 2.4 percent to $3.45 trillion.

A stronger economy generated more jobs and income during the past year, which generated greater tax revenue. At the same time, the Obama administration and Congress agreed in January to end a temporary cut in Social Security taxes and also to raise income taxes on the wealthy.

The Obama administration stressed in announcing the 2013 results that the government is succeeding in reducing the deficit from record levels.

“It is now less than half of what it was when the president took office,” Treasury Secretary Jacob Lew said in a statement.

 

 
 


Show commenting policy

Most-Read Nation

  1. IBM’s Watson supercomputing system to be applied to PTSD
  2. 3-D printed prosthetics give dog ability to run
  3. Killer of New York police officers angry over Garner chokehold death, officials say
  4. Pair of NYC officers killed in ambush shooting
  5. Poor morale, training in Air Force ICBM program spur questions about usefulness as nuclear deterrent
  6. N.Y. reports crime decrease, credits ‘broken windows’
  7. Teenager who attacked California Highway Patrol officer with machete shot, killed
  8. 4 Afghans freed from Guantanamo
  9. Financial fraudster used investors’ lucre to freeze dead wife, feds contend
  10. Cat saved from California storm drain after 2 weeks
  11. Document hunt to begin for illegals who need proof of residency since 2010 for permit, reprieve
Subscribe today! Click here for our subscription offers.