U.S. Runs Smaller Deficit Through 1st Two Months Of Fiscal Year

WASHINGTON (December 11, 2013) The U.S. government ran a much smaller deficit through the first two months of the budget year than last year, signaling further improvement in the nation's finances, the U.S. Treasury Department said Wednesday.

The Treasury Department said the gap between revenue and spending for November was $135.2 billion, which is 21.4 percent lower than November 2012.

Through the first two months of the budget year, which begins on Oct. 1, the deficit totals $226.8 billion, 22.7 percent lower than the same period a year ago.

Higher tax rates and a better economy have boosted revenue, while spending has slowed.

Those trends led to an annual deficit of $680 billion in the 2012 budget year, the lowest deficit in five years.

Private economists predict the annual deficit this year will fall further, to around $600 billion.

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