Washington: The US budget deficit fell by nearly a third during fiscal 2014 to $486 billion as federal revenues grew far faster than spending, the Congressional Budget Office said on Wednesday.
Releasing preliminary estimates of final budget data for the year ended September 30, the CBO said that receipts grew nearly 9 per cent from the previous year to $3.013 trillion, while outlays were up 1.4 per cent at $3.499 trillion.
The resulting fiscal 2014 deficit was down about $195 billion from the $680 billion budget gap recorded in fiscal 2013.
Copyright @ Thomson Reuters 2014
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