Government reports 2014 budget deficit drops to $483 billion, lowest of Obama's presidency

The government says the deficit for the just completed 2014 budget year was $483 billion, the lowest of President Barack Obama's six years in office.

Treasury Secretary Jacob Lew says it's an indication the economy is far healthier than when Obama became president in January 2009.

The deficit is at its lowest since 2008. When the deficit is measured against the size of the economy, it's below the average deficits of the past 40 years.

The deficit equaled 2.8 percent of gross domestic product. The GDP is the economy's total output of goods and services.

Obama inherited an economy in recession. The deficit topped $1 trillion for each of his first four years in office.

Slow growth in government spending and increased tax revenues help explain the rosier deficit outlook.