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Growth in budget deficit slows

4 years 4 months 1 week ago February 12, 2013 Feb 12, 2013 Tuesday, February 12 2013 February 12, 2013 6:13 PM in News
Source: Associated Press
By: Michael Marsh

The federal government reports a rare surplus for January and the Treasury Department says its on track for the smallest budget deficit since President Obama took office. The surplus was almost $3 billion dollars. It lowered the deficit through the first four months of the budget year to $290 billion, nearly $60 billion lower than last year. The federal budget year began October 1. The surplus was helped by about $9 billion in extra revenue from higher social security taxes. The Congressional budget Office forecasts this year's deficit at $845 billion, the first time government has not run a deficit in excess of $1 trillion since 2008.

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