Correction: U.S. Current Account Deficit At 14-Year Low; U.S. Deficit Down As Well

Stop listening to people telling you how President Obama is running up the deficit. It’s not true.

The shortfall was $194 billion for February, versus the $204 billion recorded in the same month a year ago. The gap narrowed mostly thanks to higher intake of receipts including individual and corporate taxes, as well as higher Federal Reserve earnings. Total receipts were up 18% compared to February 2013.

The deficit has been steadily improving in the past several years, dropping to $680 billion in fiscal 2013 as the economy recovered and tax receipts grew.

The current account deficit is down as well.

The Commerce Department said the current account gap, which measures the flow of goods, services and investments into and out of the country, narrowed to $81.1 billion.

That was the smallest since the third quarter of 1999 and followed a revised $96.4 billion gap in the third quarter.

It represented 1.9 percent of gross domestic product, the smallest share since the third quarter of 1997. That was down from 2.3 percent in the July-September period.

By: Alan

Alan Colmes is the publisher of Liberaland.