The U.S. federal budget deficit declined to 162.8 billion dollars in the fiscal year that ended Sept. 30, the lowest level in five years, the Treasury Department reported Thursday.
Data released by the Treasury showed that the budget deficit for the 2007 budget year was 34.4 percent lower than the red ink of 248.2 billion dollars in 2006.
For this whole fiscal year, the government's revenue hit a record of 2.57 trillion dollars, while its spending also set an all-time high of 2.73 trillion dollars.
"This year's budget results demonstrate the remarkable strength of the U.S. economy," said Treasury Secretary Henry M. Paulson. "This strength has translated into record-breaking revenues flowing into the U.S. Treasury and a continued decline in the federal budget deficit."
"Our short-term budget outlook is improving, but beyond the horizon is a huge budgetary challenge: the unsustainable growth in Social Security, Medicare and Medicaid," warned White House budget director Jim Nussle.
U.S. government budget deficit set a record of 413 billion dollars in 2004. In the budget sent Congress in February for 2008,the Bush administration projected the government could eliminate the deficit completely and return to a surplus by 2012.
The federal budget was in surplus for four years from 1998 through 2001.
Source: Xinhua
|
Comment
Tell A Friend
Print Format
Save Article