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.
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