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Treasury: US Deficit Fell 37% in May

budget analysis reviewThe Treasury Department disclosed the U.S. budget deficit for the past 12 months amounted to $412 billion, the smallest one-year shortfall recorded since August 2008, the Wall Street Journal reported Wednesday.

Nick Timiraos writes Treasury’s data shows the deficit dropped to about $82 billion during the month of May due to higher tax revenue and economic growth.

Reuters reported analysts had projected a $98 billion shortfall for May.

The amount of revenue receipts collected by the government last month climbed 6 percent to $212 billion while government spending fell 11 percent to $295 billion, according to the report by Elvina Nawaguna.

The Treasury also noted the federal deficit is $365 billion seven months into fiscal 2015.

The department implemented emergency measures in mid-March to prevent the country from hitting its debt limit through October or November, according to WSJ.

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