White House: 2014 Deficit to Drop to $583 Billion

WASHINGTON (AP) -- The White House says this year's budget deficit will drop to $583 billion, the lowest level of President Barack Obama's tenure.

Last year's deficit was $680 billion. The latest update from the White House budget office is also $66 billion less than the administration predicted earlier this year when releasing the president's budget.

The nonpartisan Congressional Budget Office projects an even lower deficit of $492 billion for the budget year ending Sept. 30.

The unexpected White House release came as the Treasury Department announced separately that the government ran a surplus of $71 billion for the month of June.