WASHINGTON — The federal government ran a $105.8 billion budget surplus in September, the Treasury reported Wednesday, resulting in a fiscal year 2014 deficit of $483.4 billion.
The fiscal 2014 deficit was 29% smaller than the $680.2 billion deficit for fiscal 2013 and was the lowest deficit since 2008. Federal fiscal years end Sept. 30.
Treasury Secretary Jack Lew and Office of Management and Budget Director Shaun Donovan said the deficit fell to 2.8% of GDP, the lowest since 2007 and less than the 40-year average.
The September surplus followed a $128.7 billion deficit in August. In September 2013, the government ran a $75.1 billion surplus.
Outlays in September totaled $245.9 billion, compared to $322.9 billion in August. Receipts totaled $351.7 billion in September, compared to $194.2 billion for the previous month.
Year-over-year changes to September and to fiscal 2014 results were impacted by timing-related transactions, Treasury said. Taking into account calendar adjustments, the September 2014 surplus would be $87 billion, $46 billion more than the adjusted surplus in September 2013. The adjusted fiscal 2014 deficit is $474 billion, compared with a $680 billion deficit for fiscal 2013.
