FINANCIAL TIMES: The years of vast US budget deficits appeared to be at an end after the gap between revenues and spending fell to just 4.1 per cent of gross domestic product in the last fiscal year.
According to the US Treasury, in the fiscal year ended September, the deficit was $680bn, compared with $1.09tn – or 6.8 per cent of GDP – the year before. The figure came in substantially below budget projections earlier this year.
According to the International Monetary Fund, the US deficit peaked in 2009 at 13.3 per cent of output, as revenues collapsed in the recession and the government launched a fiscal stimulus… (more)
