US BUDGET DEFICIT NARROWS TO $US128.7 BILLION

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The U.S. Treasury Department reported a budget deficit of $US128.7 billion in August, down from $US147.9 billion a year ago.

This was a bit narrower than the $US130.0 billion expected by economists.

Fiscal year-to-date, the deficit stands at $US589.2 billion, down from $US755.3 billion a year ago.

“Spending cuts, greater tax revenues, and stronger economic growth have been supportive in narrowing the deficit,” said Nomura economists ahead of the report.

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