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US Budget Deficit Continues to Shrink

The Federal government’s fiscal picture seems to be improving. Our nation’s budget deficit continues to shrink. For example, for fiscal year 2013 the deficit has fallen to $680.3 billion compared to $1,089 billion in fiscal year 2012. As the chart below indicates, we are taking more revenues and spending less as a result of the tax hikes earlier this year and sequestration. Revenue intakes increased by 7.9 percent in October, while spending decreased by 4.5 percent.  The combination of increasing taxes and cutting spending does work!