WASHINGTON (August 12, 2014) The federal government ran a lower deficit in July than it did in July 2013, keeping it on course to record the lowest deficit in six years.
The July deficit was $94.6 billion, an improvement of 3.1 percent from a year ago, the Treasury Department said Tuesday.
For the first 10 months of this budget year, the deficit totals $460.5 billion, down 24.2 percent from the same period a year ago.
The Congressional Budget Office expects this year's deficit to total around $500 billion, down from $680.2 billion last year, which would be the lowest deficit since an imbalance of $458.6 billion in 2008, which was a record at the time.
However, the Great Recession sent deficits above $1 trillion for four straight years.