The federal government ran a $413 billion deficit through the first half of fiscal 2014, according to a new estimate Monday from the Congressional Budget Office that showed continued improvement in the nation's fiscal picture. The $413 billion deficit, while still higher than any full-year deficit before 2008, is $187 billion lower than at the same point last year, and well below the half-year deficits earlier in President Obama's tenure. This year's boost has been powered by both higher tax revenues, and by another drop in overall spending. The CBO said adjusted for timing of payments, the government is spending 3 percent less in 2014 than it did through the same period in 2013.
