U.S. Budget Deficit Hits Lowest Since 2007 on Revenue Jump
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The budget deficit in the U.S. shrank in the last fiscal year to the lowest level as a share of the economy since 2007 as faster growth and falling unemployment boosted tax receipts, the Treasury Department said.
The shortfall was $483.4 billion in the 12 months to Sept. 30, compared with $680.2 billion a year earlier, the Treasury said today in Washington. That’s about a third of the record $1.4 trillion deficit reached in 2009. Revenue jumped 8.9 percent and spending gained 1.4 percent, the figures showed.