US budget deficit falls below 3% of GDP in 2014 – CBO

WASHINGTON, D.C.: The US budget deficit fell to 2.8 percent of the economy’s output in fiscal year 2014, as government revenues rose sharply, official data showed on Wednesday (Thursday in Manila).

The federal government’s deficit was $486 billion in the fiscal year that ended on September 30, down from $680 billion, or 4.1 percent of gross domestic product, in fiscal year 2013, the Congressional Budget Office said in a preliminary estimate.