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CBO: Deficit will drop to $514 billion this year

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Congress' budget scorekeeper slashed its estimate of the federal government's deficit for 2014 from $560 billion to $514 billion, which would be the smallest deficit since before the financial crisis. That would be a significant decrease from fiscal 2013’s $680 billion deficit, which itself was just half the size of the largest deficits incurred during the worst year of the financial crisis....

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