TPM News

U.S. Budget Deficit Down To $680 Billion, Lowest In 5 Years

Obama-transportation
AP Photo / Jacquelyn Martin

The deficit is the gap between the government's tax revenue and its spending. It narrowed for the budget year that ended on Sept. 30 because revenue rose while spending fell.

Revenue jumped 13.3 percent to $2.77 trillion, reflecting a slightly better economy and higher tax rates. And government spending declined 2.4 percent to $3.45 trillion, in part because of across-the-board spending cuts that took effect in March.

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