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Congressional Budget Office projects deficit to fall to $492 billion in 2014

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The Congressional Budget Office projected Monday that the federal deficit will fall to $492 billion for fiscal 2014. At just 2.8 percent of gross domestic product, that would be the smallest budget shortfall as a share of the economy since 2007, and a significant drop from last year's $680 billion deficit. That, in turn, was a sharp decrease from the trillion-dollar-plus deficits that had...

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