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Thursday, October 16, 2014

U.S. Treasury: Budget Results for Fiscal Year 2014

U.S. Treasury Secretary Jacob Lew and Office of Management and Budget (OMB) Director Shaun Donovan yesterday released details of the fiscal year (FY) 2014 final budget results. The deficit in FY 2014 fell to $483 billion, $197 billion less than the FY 2013 deficit and $165 billion less than forecast in President Obama's FY 2015 Budget. As a percentage of Gross Domestic Product (GDP), the deficit fell to 2.8 percent, the lowest level since 2007 and less than the average of the last 40 years. In dollar terms, the FY 2014 deficit is the lowest since 2008.

Read the full release.

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