WASHINGTON: The White House lowered its U.S. federal deficit forecast for the 2014 fiscal year by $66 billion to $583 billion on Friday on the basis of gathering economic momentum as evidenced by gains in hiring.
"The deficit has been cut by more than half as a share of the economy, representing the most rapid sustained deficit reduction since World War Two, and it continues to fall," acting White House budget director Brian Deese said in a statement.
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