US budget deficit running 6.2 percent higher than last year
WASHINGTON D.C. (Worthy News)– The federal government ran a bigger deficit in January, pushing the imbalance so far this budget year up 6.2 percent from the same period a year ago, AP reported.
The Treasury Department said Wednesday the deficit for January stood at $17.5 billion compared to $10.3 billion a year ago. For the first four months of the budget year that began in October, the deficit widened to $194.2 billion from $182.8 billion during the same period last year.
The budget deficit has gradually narrowed since 2012, which was the fourth straight year in which it topped the $1 trillion mark. The improvement reflects the country’s economic recovery from recession. The government is seeing higher tax revenues as people go back to work and smaller payments for safety-net programs such as unemployment assistance. It also represents efforts by Congress to control deficits through higher taxes and across-the-board spending cuts. –[wp_colorbox_media url=”http://apnews.myway.com/article/20150211/us–budget_deficit-503db25ece.html” type=”iframe” hyperlink=”Source”]