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Federal Deficit Drops To $680 Billion

Sara Newman |
October 30, 2013 | 7:39 p.m. PDT

Executive Producer


Annual fiscal reports show decrease in debt (Treasury)
Annual fiscal reports show decrease in debt (Treasury)
Even if Thursday’s snarky Halloween costumes unleash a storm of governmental disapproval, there is no denying that the government has made major economic gains in the past year. 

The federal government’s latest annual deficit report shows that for the first time since President Obama came to power, the national debt dipped below $1 trillion. 

On Wednesday the Treasury Department’s report showed that the federal deficit for the year was $680 billion.

According to the recent report the federal deficit is less than half of its record $1.4 trillion deficit from 2009, but it is still the fifth largest deficit that the U.S. has ever faced. 

While a $680 billion deficit is still a terrifying prospect, the general downward trend of the federal deficit in the past three years shows promising signs of the national debt decreasing even more in the next few years. 

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