Posted: Tuesday, August 13th 2013 at 8:29am
US budget deficit down 37.6 percent through July
By The Associated Press
WASHINGTON (AP) ó The government has reported a $97.6 billion deficit for July but remains on track to post its lowest annual budget gap in five years.
Julyís figure raises the deficit so far for the 2013 budget year to $607.4 billion, the government says. Thatís 37.6 percent below the $973.8 billion deficit for the first 10 months of the 2012 budget year.
The Congressional Budget Office forecasts that the annual deficit will be $670 billion when the budget year ends Sept. 30, far below last yearís $1.09 trillion. It would mark the first year that the gap between spending and revenue has been below $1 trillion since 2008.
Steady economic growth, higher taxes, lower government spending and increased dividends from mortgage giants Fannie Mae and Freddie Mac have helped shrink the deficit.
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