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Congressional Budget Office: Budget deficit drops to $435B
San Jose Mercury News: WASHINGTON -- Congressional budget analysts said Wednesday that the federal government ran a deficit of $435 billion in the just-completed budget year, the smallest deficit since 2007 and well below the record shortfalls of President Barack Obama's first term.
The Congressional Budget Office report says it's the sixth consecutive drop in a row for the deficit, when measured against the size of the economy, since the $1.4 trillion deficit of Obama's first term.
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