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CBO: U.S. Deficit Drops to $486B in Fiscal 2014

budget analysis reviewA U.S. Congressional Budget Office report indicates the federal deficit for fiscal 2014 amounted to $486 billion, the smallest budget gap recorded over the past six years.

CBO said Wednesday the FY 2014 shortfall was down approximately $195 billion from the previous fiscal year’s deficit and equivalent to 2.8 percent of the nation’s gross domestic product.

The agency estimates the U.S. government had a $106 billion budget surplus as of September,

Revenues coming from individual and corporate tax payments grew by 9 percent to $3 trillion during FY 2014, compared with the year-ago level, the report states.

According to CBO, annual government spending reached $3.5 trillion, a $44 billion increase from net outlays seen during FY 2013.

The report noted increased federal investments in healthcare programs, social security benefits and educational initiatives.

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