Lowest budget deficit in 5 years
WASHINGTON- The U.S. government has run a budget deficit below $1 trillion for the first time in five years.
The deficit is the gap between what the government takes in and spends.
The deficit has an imbalance of $680-billion, down from more than a trillion last year.
Revenue rose while spending fell.
The increased revenue signals a better economy and higher tax rates as government spending declined due to across-the-board spending cuts called Sequester that took effect in March.