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Deficit hits lowest level in seven years

The 2014 deficit will shrink to 3 percent of the economy, according to the CBO.

By Kasia Klimasinska | Updated on February 04, 2014
The reflecting pool in front of the U.S. Capitol building is frozen over, Tuesday, Jan. 7, 2014 in Washington. (AP Photo/ Evan Vucci)

Feb. 4 (Bloomberg) — The United States will post the narrowest budget deficit this year as a share of the economy since 2007 as stronger growth helps boost tax revenue, according to the Congressional Budget Office.

The deficit will decline to $514 billion this fiscal year from $680 billion in 2013 before surging to $1.074 trillion in a decade, according to the Congressional Budget Office.

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