CBO: Federal deficit will drop to lowest level since Obama took office

(Image credit: Chip Somodevilla/Getty Images)

The Congressional Budget Office said Monday that the budget deficit should this year shrink to its lowest level as a percentage of the economy since 2007.

The nonpartisan agency said the deficit for the fiscal year, which ends in September, will be $468 billion, down a tick from last year's $483 billion mark. In addition, the CBO said there were 19 million fewer uninsured Americans this year compared to the year before thanks to changes implemented under ObamaCare.

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Jon Terbush

Jon Terbush is an associate editor at TheWeek.com covering politics, sports, and other things he finds interesting. He has previously written for Talking Points Memo, Raw Story, and Business Insider.