Deficit Down To Lowest Point In Five Years

Will Republicans be able to take this story? I think not, as facts can be inconvenient. The deficit is now at $680 billion, the lowest in five years.

The government says the deficit for the 2013 budget year totaled $680.3 billion, down from $1.09 trillion in 2012. That’s the smallest imbalance since 2008, when the government ran a $458.6 billion deficit.

The deficit is the gap between the government’s tax revenue and its spending. It narrowed for the budget year that ended on Sept. 30 because revenue rose while spending fell.

Revenue jumped 13.3 percent to $2.77 trillion, reflecting a slightly better economy and higher tax rates. And government spending declined 2.4 percent to $3.45 trillion, in part because of across-the-board spending cuts that took effect in March.

By: Alan

Alan Colmes is the publisher of Liberaland.