Deficit Smallest of Obama’s Term

The U.S. government recorded a budget surplus of $71 billion in June, putting it on track to reach its lowest annual deficit since 2008. The deficit for the first nine months of the year adds up to $366 billion, 28 percent lower than the same period in 2013. The Congressional Budget Office predicts a $492 billion deficit for the full budget year ending Sept. 30, which would be the smallest shortfall since 2008. That year, the deficit reached $458.6 billion, which was then a record high.