US Trimmed $409B From Deficit In 2013, Treasury, OMB Say

Law360, New York (October 31, 2013, 1:52 PM EDT) -- The U.S. posted a $680 billion deficit in 2013, a nearly 40 percent decrease from 2012 and the lowest deficit in five years partly thanks to increased tax revenue, according to budget results released Wednesday by the U.S. Department of Treasury and the Office of Management and Budget.

OMB and the Treasury Department say 79 percent of the $409 billion deficit reduction is due to an increase in government receipts that are partially attributable to increased individual income and payroll tax collections fueled by a slowly...
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