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U.S. Budget Gap Narrows to Smallest Since 2007, CBO Says

The U.S. budget deficit will narrow less than forecast this year even as it falls to the lowest level since 2007 as a share of the economy, according to the Congressional Budget Office.

The projected shortfall will be $506 billion in the 12 months ending Sept. 30, compared with an April prediction for $492 billion and a $680 billion gap posted last year, the nonpartisan CBO said today in a report. In 2015 it’s projected to shrink for a sixth straight year, to $469 billion, capping the longest stretch of fiscal improvement since 2000, near the end of an era of surpluses.