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U.S. budget deficit falls to $486 billion for 2014

October 8, 2014, 3:23 PM UTC
United States Treasury Department, Washington
Hisham Ibrahim--Getty Images

The U.S. budget deficit fell by nearly a third during fiscal 2014 to $486 billion as federal revenues grew far faster than spending, the Congressional Budget Office said on Wednesday.

Releasing preliminary estimates of final budget data for the year ended Sept. 30, the CBO said that receipts grew nearly 9 percent from the previous year to $3.013 trillion, while outlays were up 1.4 percent to $3.499 trillion.

The resulting fiscal 2014 deficit was down about $195 billion from the $680 billion budget gap recorded in fiscal 2013.