The federal budget deficit for fiscal 2013 was $680 billion, the Treasury Department reported Wednesday.
This is the first time that the deficit has fallen below $1 trillion during President Obama's time in the White House.
The monthly Treasury statement for September had been delayed by a government shutdown at the beginning of October. Fiscal 2013 ended on Sept. 30.
The deficit has dropped $409 billion from 2012, when it was $1.089 trillion.
Most of the change comes from higher tax receipts. Receipts rose to $2.77 trillion in 2013, up from $2.45 trillion in 2012. Spending was $3.45 trillion, down from $3.53 trillion in 2012.
White House Budget Director Sylvia Mathews Burwell hailed the deficit total, noting that the deficit is now less than half what it was in 2009, when it stood at $1.4 trillion in the wake of the recession.
So, yes, higher revenues and budget cuts have reduced the deficit. Republicans of course want hundreds in billions in more cuts. But higher revenues have kicked in, and the deficit has been cut in half.
You can, and should, make the argument that budget cuts continue to stifle growth. We've been stuck in a weak recovery for years now recisely because we've cut so much spending at Republican insistence.
We've done what the GOP has demanded, cut, cut, cut the federal budget. So where are the jobs and the economic growth they promised?
As yourself that as they demand more cuts.