The federal deficit totaled $91.6 billion in the first month of Fiscal 2014, down from $120 billion a year earlier, according to the Treasury Department. This follows a total deficit for Fiscal 2013 of $680 billion — the first time in four years the annual deficit was below $1 trillion.

But total federal debt continues to climb above $17.1 trillion, which is why Congress will soon need to approve another increase in the debt limit. In addition, government projections show the annual deficit will begin climbing again within a few years.

So although the deficit is currently dropping, fiscal reforms remain essential.

External links:
October 2013 Monthly Treasury Statement
2013 Long-Term Budget Outlook (CBO)
What Is The Federal Debt? (GAO Video)

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