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Fri, 11 Jul 2014 21:00:24 +0000
(WASHINGTON) -- The Office of Management and Budget announced on Friday that the federal budget deficit is set to reach the lowest point during Barack Obama's presidency.
The White House budget office is projecting a $583 billion budget deficit this year, about $100 billion lower than last year's deficit, and a big turnaround from the trillion-dollar deficits during Obama's first term. The OMB projection is echoed by the nonpartisan Congressional Budget Office which expects just a $492 billion deficit.
The deficit decline is believed to be the result of tighter spending, a tax hike on the wealthy in 2013 and greater tax revenue helped by an improving economy.
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