Better Budget

During October and November 2013 the federal deficit was $231 billion, $61 billion better than a year earlier. Receipts were up by $34 billion to $380 billion and outlays were down by $27 billion. At this rate, the deficit for all of FY14 will be 3.3% of GDP, down from 4.1% in FY13 and a whopping 10.1% in FY09. The last surplus was in 2001 and was 1.25% of GDP.

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