Budget Deficit Drops to $483 Billion, Lowest Since 2008

The government says the deficit for the 2014 budget year was $483 billion, which is the lowest in President Obama's six years in office. Treasury Secretary Jacob Lew says it's an indication the economy is far healthier than when Obama became president in January of 2009. Obama took office at the time the economy was in recession. The deficit topped $1 trillion for each of his first four years in office. The deficit is at its lowest since 2008 and when the deficit is measured against the size of the economy, it's below the average deficits of the past 40 years. It equals 2.8% of GDP. What helps explain the rosier deficit outlook is the slow growth in government spending and increased tax revenues.