Tag: Budget Deficit

2013 Budget Deficit Drops Dramatically

Buck Banks

$680 billion

The fiscal year’s federal budget deficit, which fell more sharply than in any year since the end of World War II. The Treasury Department reported Thursday that the “deficit for 2013 dropped to $680 billion, from about $1.1 trillion the previous year,” the New York Times reports. “In nominal terms, that is the smallest deficit since 2008, and signals the end of a five-year stretch beginning with the onset of the recession when the country’s fiscal gap came in at more than $1 trillion each year. As a share of the nation’s economy, the budget deficit fell to about 4.1 percent, from a high of more than 10 percent during the depths of the Great Recession.”