WASHINGTON (AP) — For the first time in five years, the U.S. government has run a budget deficit below $1 trillion.
The government said Wednesday that the deficit for the 2013 budget year totaled $680.3 billion, down from $1.09 trillion in 2012. That's the smallest imbalance since 2008, when the government ran a $458.6 billion deficit. It's still the fifth-largest deficit of all time.
The deficit is the gap between the government's tax revenue and its spending. It narrowed for the budget year that ended on Sept. 30 because revenue rose while spending fell. Revenue jumped 13.3 percent to $2.77 trillion. Government spending declined 2.4 percent to $3.45 trillion.
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