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U.S. Budget Deficit Growth Slows in January

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.

Flickr User Yomanimus

The Treasury Department says the government took in a surplus of $2.9 billion in January. That lowered the deficit through the first four months of the budget year to $290.4 billion — nearly $60 billion lower than the same period a year ago.

The budget year began on Oct. 1.

The January figure was helped by an estimated $9 billion in extra revenue from higher Social Security taxes.

The Congressional Budget Office is forecasting that this year’s deficit will total $845 billion. If correct, that would be first time government hasn’t run an annual deficit in excess of $1 trillion since 2008.

 

(Copyright 2013 by The Associated Press. All Rights Reserved.)

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