The federal government will run a budget deficit of $486 billion in fiscal 2014, the Congressional Budget Office estimated Wednesday. That would be $195 billion less than fiscal 2013, and the smallest shortfall since 2008. As a percentage of gross domestic product, the 2014 deficit would be 2.8%, CBO said. Revenues about were 9% higher in fiscal 2014 than fiscal 2013, and spending was just 1% higher, CBO said. The year-end figure includes a September surplus of $106 billion. The government's budget year runs from October to September.
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