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Report: Federal budget deficit falls to $486B

Congressional Budget Office: Federal budget deficit falls to $486B, lowest of Obama's tenure

Report: Federal budget deficit falls to $486B

WASHINGTON (AP) -- A new report says the U.S. government's budget deficit has fallen to $486 billion, the smallest pool of red ink of President Barack Obama's six-year span in office,

The Congressional Budget Office estimate shows better results than earlier projections by both CBO and the White House budget Office.

It comes as Washington's warriors have mostly paused in their wrangling over the deficit in the run-up to elections next month.

Obama inherited a trillion-dollar-plus deficit after the 2008 financial crisis but the deficit has fallen in recent years as the economy has recovered.

Still, budget hawks warn that the retirement of those born in 1946 and after will balloon deficits in coming years unless Washington can bridge its divides and curb the growth of expensive social programs.


Updated : 2021-05-14 01:03 GMT+08:00