News Summary: US budget deficit lower than 2012

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DEFICIT DOWN: The federal government reported a rare budget surplus for January and is on track to run the lowest annual deficit since President Barack Obama took office.

REVENUES UP: Through the first four months of the budget year which began Oct. 1, revenues are 12.4 percent higher than the same period a year ago while government spending has grown only 3.5 percent. As a result, the deficit totals $290.4 billion, nearly $60 billion lower than the same period last year.

OUTLOOK: The Congressional Budget Office is projecting that the deficit will total $845 billion for the full year. If correct, that would be the first time the government has run a deficit below $1 trillion since 2008.