US deficit falls to $680.3B in 2013, first time in 5 years imbalance falls below $1T
Oct 31, 2013 / 12:26 am
WASHINGTON - For the first time in five years, the U.S. government has run a budget deficit below $1 trillion.
The government says the deficit for the 2013 budget year totalled $680.3 billion, down from $1.09 trillion in 2012. That's the smallest imbalance since 2008, when the government ran a $458.6 billion deficit.
The deficit is the gap between the government's tax revenue and its spending. It narrowed for the budget year that ended on Sept. 30 because revenue rose while spending fell.
Revenue jumped 13.3 per cent to $2.77 trillion, reflecting a slightly better economy and higher tax rates. And government spending declined 2.4 per cent to $3.45 trillion, in part because of across-the-board spending cuts that took effect in March.
Read more Business News
|QHR Technologies Inc||1.19||0.00|
|Anavex Life Sciences||0.315||-0.045|
|Copper Mountain Mining||1.58||0.00|
Big Picture Bank earnings and upbeat economic news highlight an active week In contrast with last week’s quieter, U.S. holiday-shortened week, the first week of December was a comparatively acti...
This column is the last of three, for how to prove your personal injury claim. It is the piece de resistance of the trilogy, the Chuck Norris piece – the final say! As mentioned in the first two...
The bank manager just phoned and asked for full and immediate repayment of the line of credit because the latest, (and they were late!), financial statements showed continuing losses and falling sales...
- Ukrainian opposition sees police withdrawal as a victory, rejects president's offer of talks
- Encana to cut spending, grow oil and natural gas liquids production in 2014
- CN forecasts double-digit earnings growth in 2014 on continued economic recovery
- Husky to boost production in 2014 as major projects come on stream
- Some of what has been said about Canada Post's plan to cut delivery services
- Laurentian Bank increases quarterly dividend despite missing analyst forecasts
- US government runs $135.2 billion budget deficit in November, 21.4 per cent below a year ago
- Hudson's Bay reports larger Q3 loss, due to costs associated with Saks' purchase
- Sales of extra-large smartphones will take off in 2014: tech prediction
- Pilot's fears came true as plane crashed
- 'Sound of Music,' Panthers-Saints game draw viewers to NBC, giving it a strong ratings week
- Raitt defends Canada Post's decision to phase out urban mail delivery