US BUDGET DEFICIT FALLS TO 5-YEAR LOW, TAX REVENUES HIT RECORD HIGH

The U.S. Treasury Department just released its fiscal-year 2013 and September budget results.

The September budget surplus was $US75.1 billion (versus the $US69 billion estimated by economists).

Perhaps the more notable figure is the fiscal-year 2013 deficit, which at $US680.3 billion is at a five-year low.

Revenues from tax receipts hit a record high of $US2.77 trillion in 2013, while spending was $US3.45 trillion — down from $US3.54 trillion in 2012.

“We expect the deficit to continue to narrow in the coming months, although likely not at the record-setting pace seen during the past year,” says Barclays economist Cooper Howes.

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