(Reuters) – The U.S. budget deficit fell by nearly a third during fiscal 2014 to $486 billion as federal revenues grew far faster than spending, the Congressional Budget Office said on Wednesday.

Releasing preliminary estimates of final budget data for the year ended Sept. 30, the CBO said receipts grew nearly 9 percent from the previous year to $3.013 trillion, while outlays were up 1.4 percent to $3.499 trillion.  Read more