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Federal budget deficit falls to $486 billion, report says

The federal government's budget deficit has fallen to $486 billion, the smallest pool of red ink of President Obama's six-year span in office, a new report said Wednesday. The Congressional Budget Office's latest estimate shows better results than earlier projections by both CBO and the White House budget office. It comes as Congress has mostly paused in its wrangling over the deficit in the run-up to the midterm elections next month. Obama inherited a trillion-dollar-plus deficit after the 2008 financial crisis, but that red-ink figure has improved in recent years as the economy has recovered. Last year's deficit registered at $680 billion. The government...

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