(MENAFN) The US Treasury Department said that the budget deficit in the country dropped down to USD680 billion in the 2013 fiscal year, as revenue went up and spending came low, Xinhuanet reported.
This fiscal year"s deficit is USD409 billion lower than last year"s, registering the first fall below the USD1 trillion mark since 2008.
Outlays in the 2013 fiscal year dropped by 2.4 percent from the fiscal year before it to USD3.45 billion.
In the last month alone, the country"s budget surplus was at USD75 billion, while revenue and outlays came at USD301 billion and USD226 billion respectively.
The Treasury Secretary said: "As a percent of Gross Domestic Product, the deficit fell to 4.1 percent, representing a reduction of more than half from the deficit that the Administration inherited when the President took office in 2009."
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