The U.S. budget deficit shrunk to $439 billion in fiscal 2015, the lowest level since 2008, the Treasury Department said on Thursday.
According to the Treasury Department, the 2015 deficit is 2.5 percent of the gross domestic product, the lowest level since 2007. That number is also lower than the deficit average for the last 40 years.
Last year’s deficit was $483 billion, with a deficit-to-GDP ratio of 2.8 percent.
Fiscal 2015 revenues increased by 8% to $3.249 trillion, while outlays rose 5 percent to $3.688 trillion.
From 2009 – 2002, the U.S. deficit was $1 trillion-plus, mostly associated with the financial crisis that started under former President George W. Bush.
For September, the Treasury recorded a budget surplus of $91 billion, down from a $106 billion surplus a year ago.
Receipts in September were up 4% from the same month in 2014 for a total of $365 billion.