U.S. Markets close in 3 hrs 32 mins

U.S. fiscal 2014 budget deficit falls to $486 bln, CBO says

WASHINGTON (Reuters) - The U.S. budget deficit fell by nearly a third during fiscal 2014 to $486 billion as federal revenues grew far faster than spending, the Congressional Budget Office said on Wednesday.

Releasing preliminary estimates of final budget data for the year ended Sept. 30, the CBO said that receipts grew nearly 9 percent from the previous year to $3.013 trillion, while outlays were up 1.4 percent to $3.499 trillion.

The resulting fiscal 2014 deficit was down about $195 billion from the $680 billion budget gap recorded in fiscal 2013.

(Reporting by David Lawder; Editing by Susan Heavey)