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      White House: 2014 deficit to drop to $583B

      File photo. (MGN)
      File photo. (MGN)
      WASHINGTON (AP) - The White House says this year's budget deficit will drop to $583 billion, the lowest level of President Barack Obama's tenure.

      Last year's deficit was $680 billion. The latest update from the White House budget office is also $66 billion less than the administration predicted earlier this year when releasing the president's budget.

      The nonpartisan Congressional Budget Office projects an even lower deficit of $492 billion for the budget year ending Sept. 30.

      The unexpected White House release came as the Treasury Department announced separately that the government ran a surplus of $71 billion for the month of June.