Budget deficit drops to $483B, lowest since 2008
Source: AP-Excite
By ANDREW TAYLOR
WASHINGTON (AP) — The deficit for the just completed 2014 budget year was $483 billion, the lowest of President Barack Obama's six years in office, the government reported Wednesday.
It's the lowest since 2008 and, when measured against the size of the economy, is below the average deficits of the past 40 years. The deficit equaled 2.8 percent of gross domestic product, which is the economy's total output of goods and services.
By comparison, the deficit for 2013 was $680 billion, or 4.1 percent of GDP.
Here's an easier way to understand why the new numbers are good news: The government borrows 14 cents for every dollar it spends; six years ago, it was 40 cents.
FULL story at link.
FILE - In this July 28, 2014 file photo, Treasury Secretary Jacob Lew speaks at the Treasury Department in Washington. The administration has announced that the budget deficit of the just-completed 2014 fiscal year dropped to $483 billion, the lowest of President Barack Obama{2019}s six years in office. Lew said the figures reflect an economy that{2019}s far healthier than when Obama took office. (AP Photo/Susan Walsh)
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