U.S. President Barack Obama (2nd,R) flanked by OMB Director Shaun Donovan (R) and National Economic Council Director Jeff Zients, along with White House Counsel Neil Eggelston (L) and Council of Economic Advisors Chairman Jason Furman, holds a meeting on financial regulation at the White House, October 6, 2014, in Washington, DC. Also attending are Federal Reserve Board Chairperson Janet Yellen and Treasury Secretary Jack Lew (L). UPI/Mike Theiler |
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"This is not only a reduction of the deficit, it's also a return to fiscal normalcy," White House budget director Shaun Donovan said.
The Congressional Budget Office predicted last month that the deficit would be $506 billion.
Officials said the deficit was 2.9 percent of the U.S. Gross Domestic Product. That was the smallest percentage since Sept. 30, 2007.
Revenues for the year were $3.021 trillion, up 9 percent from the previous year.
Economists said the recession began at the end of 2007 and officially ended in 2010. The annual deficit rose every year from 2008 to 2010, when it began moving down.