U.S. budget deficit hits fresh Obama-era low

The U.S. budget deficit narrowed to $439 billion in fiscal 2015, the Treasury Department said Thursday. The deficit is the smallest of Barack Obama's presidency and the lowest since 2007 in both dollar terms and as a percentage of gross domestic product. The deficit fell to 2.5% of GDP. Revenues for the year were $3.2 trillion, an increase of 8% over the prior year. The government spent $3.7 trillion in fiscal 2015, up 5%. The government's budget year runs from October through September.

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