U.S. Budget Gap for 11 Months Shrinks 22% as Economy Grows

The U.S. budget deficit narrowed 22 percent in the first 11 months of the fiscal year as accelerating economic growth boosted tax receipts, Treasury Department figures showed.

The budget gap as a share of the economy is on a path to shrink this year to the lowest level since 2007, as falling unemployment and swelling corporate profits help revenues grow faster than outlays, the Congressional Budget Office said on Aug. 27.