The federal budget deficit has fallen to $486 billion, its lowest level since President Obama took office at the start of 2009, according to the Congressional Budget Office.
That mark was $195 billion less than the deficit Washington ran in the 2013 fiscal year. And at 2.8 percent of the national GDP, it was actually a little lower than the historical average from the past four decades. A nine percent increase in revenue combined with a one percent reduction in spending led to to the smaller deficit, per the CBO.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Judge: Trump's US attorney in NJ serving unlawfullySpeed Read The appointment of Trump's former personal defense lawyer, Alina Habba, as acting US attorney in New Jersey was ruled 'unlawful'
-
Third judge rejects DOJ's Epstein records requestSpeed Read Judge Richard Berman was the third and final federal judge to reject DOJ petitions to unseal Epstein-related grand jury material
-
Texas OKs gerrymander sought by TrumpSpeed Read The House approved a new congressional map aimed at flipping Democratic-held seats to Republican control
-
Israel starts Gaza assault, approves West Bank planSpeed Read Israel forces pushed into the outskirts of Gaza City and Netanyahu's government gave approval for a settlement to cut the occupied Palestinian territory in two
-
Court says labor board's structure unconstitutionalSpeed Read The ruling has broad implications for labor rights enforcement in Texas, Louisiana and Mississippi
-
Feds seek harsh charges in DC arrests, except for riflesSpeed Read The DOJ said 465 arrests had been made in D.C. since Trump federalized law enforcement there two weeks ago
-
Trump taps Missouri AG to help lead FBISpeed Read Missouri Attorney General Andrew Bailey has been appointed FBI co-deputy director, alongside Dan Bongino
-
Trump warms to Kyiv security deal in summitSpeed Read Ukrainian President Volodymyr Zelenskyy called Trump's support for guaranteeing his country's security 'a major step forward'
