https://finance.yahoo.com/news/cbo-lowers-deficit-estimate-rising-155050061.html Federal Deficit to Plunge to $514 Billion Paul Ausick 24/7 Wall St. February 4, 2014 The U.S. Congressional Budget Office (CBO) released its Budget and Economic Outlook: 2014 to 2024 Tuesday morning. The non-partisan CBO now estimates that the federal budget deficit in fiscal year 2014 will total $514 billion, less than half the $1.4 trillion federal deficit in 2009. The estimated deficit represents about 3% of U.S. gross domestic product (GDP), roughly the average percentage over the past 40 years. The CBO also forecasts a further drop in the deficit for fiscal year 2015, which begins on October 1, 2014. The deficit is forecast at $478 billion, or 2.6% of GDP. The CBO estimates that federal debt held by the public will equal 74% of GDP at the end of the 2014 fiscal year and grow to 79% of GDP by 2024.