Federal Deficit Drops To $680 Billion
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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