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Updated by Media Excerpts on Aug 09, 2018
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Economy - U.S. Deficit

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[10/8/14] Feds run $486 billion deficit in 2014 - smallest of Obama administration

Taxes have surged in the last two years, with government revenue crossing the $3 trillion mark for the first time in history in 2014. By contrast, spending, which had leapt to 3.6 trillion in 2011, fell in 2012 and 2013, and rose only 1 percent, or $44 billion, in 2014. Spending began to drop after Republicans took control of the House in 2011 and began to battle Mr. Obama over his budget plans. A series of spending cuts, including the budget sequesters, helped keep spending in check. On the revenue side, Mr. Obama pushed through a tax hike for the wealthiest at the beginning of 2013, and the recovering economy has helped boost corporate income taxes by 17.5 percent over the last year.

Source: http://www.washingtontimes.com/news/2014/oct/8/feds-run-486-billion-deficit-2014/