U.S. Deficit Decline to 2.8% of GDP Is Unprecedented Turn
By Christopher Condon Nov 4, 2014 12:00 AM ET
Robust economic growth has helped push the U.S. budget deficit down to the lowest level since 2008, marking the sharpest turnaround in the government’s fiscal position in at least 46 years.
The shortfall of $483.4 billion in the 12 months ended Sept. 30 was 2.8 percent of the nation’s gross domestic product of $17.2 trillion over the same period, according to data compiled by Bloomberg using Commerce Department figures. The figure peaked at 10.1 percent of GDP in December 2009.
“That’s what happens when the government is holding itself back on spending and the economy is improving,” said George Goncalves, head of interest-rate strategy at Nomura Holdings Inc. in New York. “The question is, is that as good as it gets or will the deficit continue to shrink?”
more:
http://www.bloomberg.com/news/2014-11-04/u-s-deficit-decline-to-2-8-of-gdp-is-unprecedented-turn.html
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