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Budget deficit drops to $483B, lowest since 2008

US government reports 2014 budget deficit drops to $483 billion, lowest of Obama's presidency
Andrew Taylor, The Associated Press

WASHINGTON - The deficit for the just completed 2014 budget year was $483 billion, the lowest of President Barack Obama's six years in office, the U.S. government reported Wednesday.

It's the lowest since 2008 and, when measured against the size of the economy, is below the average deficits of the past 40 years. The deficit equaled 2.8 per cent of gross domestic product, which is the economy's total output of goods and services.

Pakistan fires defence minister, escalating crisis

Pakistan fires defence minister, army warns of turmoil as crisis escalates
Chris Brummitt,Zarar Khan, The Associated Press

ISLAMABAD - Pakistan's government fired the defence secretary Wednesday and the army warned of "grievous consequences" for the country, escalating a political and legal crisis that some believe could end in the dismissal of government.

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