Agence France-PresseOctober 30, 2013 17:31
The US budget deficit plunged 37.5 percent in fiscal 2013 to less than half its level four years ago on sharp spending cuts and surging revenues, the Treasury said Wednesday.
The shortfall for the year ended September 30 was $680 billion, down from $1.1 trillion last year and from more than $1.4 trillion in 2009, when the government spent heavily to battle recession.
Receipts rose 13.3 percent, to $2.77 trillion, helped more by personal income taxes while the corporate tax take lagged forecasts, the Treasury said.
Meanwhile, spending fell 2.4 percent to $3.45 trillion.