AFP: US deficit shrinks nearly nine percent in fiscal 2010
(AFP) – Oct 15, 2010
WASHINGTON — The US budget deficit shrank by nearly nine percent in the last fiscal year, according to government figures published Friday, as spending decreased and revenues rose.
The figures "underscored the administration's commitment" to cutting the massive government deficit, Treasury Secretary Timothy Geithner said in a statement.
For the 2010 fiscal year that ended on September 30, the government had a budget deficit of 1.294 trillion dollars, down 8.6 percent from a record-setting 1.416 trillion dollars in the previous year.
In terms of the deficit's ratio to economic output, the 2010 budget gap was 8.9 percent of gross domestic product, down from 10.0 percent of GDP in fiscal 2009.