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Lowest budget deficit in 5 years

3 years 6 months 3 weeks ago October 30, 2013 Oct 30, 2013 Wednesday, October 30 2013 October 30, 2013 6:50 PM in News
Source: Associated Press
By: Michael Marsh

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.

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