U.S. Oct-Dec budget deficit narrows sharply: CBO

[riky]

U.S. Oct-Dec budget deficit narrows sharply: CBO

<p><a href="http://news.yahoo.com/u-oct-dec-budget-deficit-narrows-sharply-cbo-225222240--business.html"><img src="http://l.yimg.com/bt/api/res/1.2/ijAGGiLcL4OvmTMxHsV9aQ--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9NzU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2014-01-08T225222Z_1_CBREA071RK600_RTROPTP_2_USA-BUDGET.JPG" width="130" height="86" alt="CBO Director Elmendorf speaks at a news conference to release the CBO's annual &quot;Budget and Economic Outlook&quot; report in Washington" align="left" title="CBO Director Elmendorf speaks at a news conference to release the CBO's annual &quot;Budget and Economic Outlook&quot; report in Washington" border="0" /></a>The U.S. government's budget deficit fell by more than a third in the first three months of fiscal 2014 to $182 billion, including a $44 billion surplus in December, the Congressional Budget Office estimated on Wednesday. Net revenues rose 7.7 percent, or $38 billion, in the October-December period, mostly because of higher social insurance taxes after a temporary reduction expired at the end of 2012, CBO said. The $44 billion December surplus compares with a $1 billion deficit a year earlier, the CBO said, even though revenues in December 2012 benefited from stronger realization of income by wealthy individuals hoping to avoid tax increases in January 2013.</p><br clear="all"/>

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