by Bill Chappell
The U.S. government ran a deficit of $680 billion in the financial year that ended last month — the first time since 2008 that the annual shortfall has been under $1 trillion. It represents a fall from $1.09 trillion in 2012, but as the AP reports, “It’s still the fifth-largest deficit of all time.”
The Treasury Department announced the news along with the White House budget office Wednesday.
“Under President Obama, the nation’s deficit has fallen for the past four years,” Treasury Secretary Lew said. “It is now less than half of what it was when the president took office.” Continue reading “U.S. Budget Deficit Falls Under $1 Trillion; Lowest Since 2008”