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Economics

Budget Deficit in U.S. Shrinks Oct.-Jan. on Rise in Revenue

The U.S. budget deficit narrowed by 37 percent in the first four months of the fiscal year compared with a year earlier as spending declined and a stronger economy helped increase revenue.

Outlays exceeded receipts by $184 billion from October through January compared with a $290.4 billion shortfall in the same period a year earlier, the Treasury Department said today in Washington. Last month’s deficit was $10.4 billion, compared with a $2.9 billion surplus in January 2013.