U.S. budget deficit shrinks, still huge

Oct. 14, 2005 at 4:26 PM
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WASHINGTON, Oct. 14 (UPI) -- The U.S. federal budget deficit for the fiscal year ending Sept. 30 fell $94 billion, but remained at historically high levels.

The budget was $319 billion in the red, down 23 percent from the $413 billion of fiscal 2004, the Treasury Department reported Friday.

It was still one of the biggest budget deficits on record.

Receipts for the 2005 fiscal year were $2.154 trillion, up 14.6 percent compared with $1.88 trillion in 2004.

Outlays in the last fiscal year were $2.473 trillion compared with $2.293 trillion in 2004.

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