WASHINGTON (AP) -- The government's budget deficit will drop to $583 billion this year, the lowest level of President Barack Obama's tenure, the White House said Friday.
The White House says the federal budget deficit for the current fiscal year will shrink to $759 billion. That's more than $200 billion less than the administration predicted just three months ago.
The government says the U.S. budget deficit widened in May by $139 billion, but the annual deficit stayed on track to finish below $1 trillion for the first time since 2008.
The federal government reported a rare surplus for January and is on track to run its smallest budget deficit since President Barack Obama took office.
The federal budget deficit has topped $1 trillion for a fourth straight year. But the deficit for the just-ended 2012 budget year is $207 billion less than last year.