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The Boston Globe


As budget talks open, US says deficit fell

WASHINGTON — Federal spending cuts, higher taxes for the wealthy, and a slowly recovering economy combined to reduce the budget deficit for the fiscal year that just ended to a lower-than-expected $680 billion, nearly a third lower than the Obama administration projected six months ago.

The final figure for the 2013 fiscal year, which ended Sept. 30, was a significant turnaround for the nation’s books after four straight post-recession years in which annual deficits exceeded $1 trillion each.

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