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White House: 2014 US deficit to drop to $583B
White House projects 2014 deficit dropping to $583B, almost $100B less than 2013
By ANDREW TAYLOR
Associated Press
2014-07-12 03:42 AM

WASHINGTON (AP) -- The White House says this year's U.S. budget deficit will drop to $583 billion, the lowest level of President Barack Obama's tenure.

Last year's deficit was $680 billion. The latest update from the White House budget office is also $66 billion less than the administration predicted earlier this year when releasing the president's budget.

The nonpartisan Congressional Budget Office projects an even lower deficit of $492 billion for the budget year ending Sept. 30.

The unexpected White House release came as the Treasury Department announced separately that the government ran a surplus of $71 billion for the month of June.

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