WASHINGTON- Tax revenue is out pacing U.S. Government spending and the budget deficit for 2015 dropped to its lowest level in 8 years.

The Treasury Department says the deficit fell to $439 billion in the just-completed budget year. That is equal to 2.5 percent of the economy and is the smallest since 2007 and below the average of the past 40-years.

Congress and the White House face a November deadline to raise the nation's borrowing limit. Congress is also trying to get a separate agreement with the Obama administration on a budget to keep the government open past the December 11 deadline.