The US budget deficit is declining faster than expected thanks to an improving economy that is reducing the pressure for the White House and Congress to find a solution to the country’s long-term debt problems.
New figures released yesterday by the non-partisan Congressional Budget Office predicted that the deficit for the fiscal year to September 30 this year would come in at 4 per cent of gross domestic product compared with the 5.3 per cent it forecast in February.
It predicted that the deficit would close to 3.4 per cent of GDP in fiscal 2014 and 2.1 per cent the year after.
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