What is the US and India fiscal deficit trend lately?

The U.S. Treasury reports the federal budget balance on a monthly basis.The deficit for the first 11 months of the U.S. fiscal year was $589 billion in 2014. The deficit reached a peak of $1.4 trillion in 2009. However, it has been improving since then.

The deficit as a percentage of gross domestic product (or GDP) has been declining.For June 2014, the deficit as a percentage of GDP was only 3.1%. This is a comfortable level—compared to the 9%–10% levels in 2009.

The deficits continue to accumulate. They keep getting added to the U.S. federal debt. The federal debt has exploded since 2008. A steeply increasing deficit is concerning in the U.S.However, the situation is getting better. The deficit is manageable. 

Beating its own financial target, the Indian government has contained the fiscal deficit at 3.99 per cent of GDP in 2014-15 to Rs 5.01 lakh crore. 

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