The U.S. budget deficit is now the smallest it’s been since President Barack Obama took office.
The federal government ran a deficit of $486 billion in 2014 – the smallest deficit recorded since 2008, according to preliminary projections from the Congressional Budget Office released Wednesday. Last year the deficit was $680 billion, or $195 billion more than the current projection. The deficit is the size of about 2.8 percent of the economy, a size slightly below the average over the past four decades. --- u.s. news Oct. 8, 2014
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