WASHINGTON Jan 8 The U.S. government's budget
deficit fell by more than a third in the first three months of
fiscal 2014 to $182 billion, including a $44 billion surplus in
December, the Congressional Budget Office estimated on
The cumulative budget gap for October, November and December
was $111 billion below the year-ago-period, continuing a trend
of shrinking deficits due to an improving economy and higher tax
Net revenues rose 7.7 percent, or $38 billion, in the
October-December period, mostly because of higher social
insurance taxes after a temporary reduction expired at the end
of 2012, CBO said.
Outlays for the three-month period fell by 7 percent, or $62
billion, as military spending fell $11 billion, unemployment
benefits fell $4 billion and net interest on the public debt
fell by $7 billion.
Government controlled mortgage finance groups Fannie Mae and
Freddie Mac also contributed $34 billion more to the Treasury
than during the year-ago period as their net worth improved.
The $44 billion December surplus compares with a $1 billion
deficit a year earlier, the CBO said, even though revenues in
December 2012 benefited from stronger realization of income by
wealthy individuals hoping to avoid tax increases in January
The U.S. Treasury Department is expected to report official
budget figures for December and the first three months of the
2014 fiscal year on Jan. 13.