The US budget deficit plunged 37.5% in fiscal 2013 to less than half its level 4 years ago on sharp spending cuts and surging revenues, the Treasury said Wednesday, October 30. The shortfall for the year ended September 30 was $680 billion, down from $1.1 trillion last year and from more than $1.4 trillion in 2009, when the government spent heavily to battle recession. Receipts rose 13.3%, to $2.77 trillion, helped more by personal income taxes while the corporate tax take lagged forecasts, the Treasury said. Meanwhile, spending fell 2.4% to $3.45 trillion. The $84 billion decrease was close to the amount required by the tough sequester spending cuts implemented in March.
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