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U.S. Deficit Down 37% for Fiscal 2013

The Treasury Department announced a September surplus of $75 billion, helping to push the final fiscal 2013 deficit down to $680 billion, according to a report (link opens as PDF) released today.

This fiscal year's deficit shows major improvement over previous years. 2012's deficit clocked in at an unlucky 13-digit $1,089,193,000,000, a full 37% above this year's $680,276,000,000.

While overall spending dropped off 2.3% with the help of a 6.3% decline in the defense budget, incoming receipts were where the Treasury made up major ground. A 13.3% increase to $2.77 trillion helped shrink the deficit significantly. Individual taxes, pushed higher by this year's payroll tax increase, registered a 16.3% hike  to clock in at $1.32 trillion.

Source: Treasury Department. 

Looking ahead, the Congressional Budget Office forecasts fiscal 2014's deficit to worsen slightly to $750 billion. While receipts are expected to top $3 trillion, spending will increase a relatively larger amount to $3.8 trillion.

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  • Report this Comment On October 31, 2013, at 6:41 AM, LindonTomson wrote:

    U.S. Deficit Down 37% for Fiscal 2013 that means that the U.S. economy is recovering.

    In December 2012 during " Fiscal Cliff" suspicion some signalled on the U.S. economy recovery signs:

    "Fiscal Cliff Or Not, The Economy Is Recovering"

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