US Deficit Lowest Since Recession Began

WASHINGTON, DC – House Democratic Whip Steny H. Hoyer (MD) released the following statement today on the Congressional Budget Office’s monthly budget review for September, the final report for FY 2014. The review showed that the federal government ran a deficit of $486 billion in FY 2014, the smallest US deficit since 2008:

“The monthly budget review released yesterday by the Congressional Budget Office showed that our US deficit continues to decline. The deficit for fiscal year 2014 is the lowest deficit since before the recession began, and it marks the fifth consecutive year that our nation’s deficit has decreased. We have made significant progress in reducing the deficit while also focusing on spurring job creation and economic growth, but we must do more. While a strong economic recovery remains our top priority, we cannot ignore that interest on the debt and long-term demographic trends will crowd out our ability to invest in the programs that keep Americans out of poverty and build a strong middle class. I continue to urge my colleagues to work in a bipartisan way to ensure that we return our nation to a sustainable fiscal path over the long-term.”