US budget deficit for March falls to $107 billion

US budget deficit for March falls to $107 billion

Credit: AP

In this March 4, 2013, photo, the U.S. Capitol is seen at sunrise in Washington. Republicans controlling the House are moving to take the roughest edges off of across-the-board spending cuts that are just starting to take effect. Even as the military would bear a $43 billion cut over just seven months, the new GOP measure released Monday would give the Pentagon much-needed funding for readiness. It would also ease the pain felt by critical agencies like the FBI and the Border Patrol. (AP Photo/J. Scott Applewhite)

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by Associated Press

kvue.com

Posted on April 10, 2013 at 3:31 PM

Updated Wednesday, Apr 10 at 3:32 PM

WASHINGTON (AP) -- The U.S. federal budget deficit grew more slowly in March, keeping the annual spending shortfall on pace to finish below $1 trillion for the first time in five years.

The Treasury Department says the deficit grew by $106.5 billion in March, well below the $203.5 billion added in February.

Through the first six months of the year, the deficit has grown to $600 billion. That's smaller than last year's six-month pace of $779 billion in 2012. The budget year began on Oct. 1.

The Congressional Budget Office projects the annual deficit will be $845 billion this year. The fiscal picture is benefiting from higher taxes and lower expected costs from the 2008 financial bailouts.

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