The federal deficit for 2014 will be $514 billion, or 3 percent of the size of the U.S. economy, according to new estimates by the Congressional Budget Office. As a share of gross domestic product, that’s the smallest deficit since 2007. Though the deficit has dropped dramatically, “our nation’s largest fiscal problems remain – and solving them is essential to future economic growth and prosperity,” the nonpartisan Concord Coalition said in a statement. According to the fiscal watchdog group, “these problems include mounting federal debt, rising interest and health care costs, an aging population and a tax code that lavishes hundreds of billions of dollars a year in subsidies on favored individuals and industries.”
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