U.S. government deficit down 17% from same period a year ago

WASHINGTON (AP) — The U.S. budget deficit totaled $356.4 billion in the first two months of the budget year.

That was down 17 percent from the same period a year ago due to a sharp jump in government revenues that offset a smaller increase in spending.

In its monthly budget report, the Treasury Department said Friday that the government’s deficit in October and November was $72.9 billion below the deficit in the same two months last year.

The government’s budget year starts on October 1.

The improvement reflected government revenues that have been rising at a faster pace than spending over the past two months.