COSTELLO: Hold on for this. The federal deficit plunged by more than $400 billion in the last fiscal year. That is the sharpest drop we have seen in any year since the end of World War II. Alison Kosik is in New York to tell us why this happened. Good morning.</s>ALISON KOSIK, CNN BUSINESS CORRESPONDENT: Carol, you hear this and you go, "What did I hear right? The government getting its financial act together? Can't believe it." The federal budget deficit is actually at its lowest level in five years. Now, the deficit is the difference between what the government spends and takes in. And that dropped to $680 billion in 2013. So just to give you some perspective, during the financial crisis, it shot up above $1 trillion in 2009 that's as the economy tanked and government bailouts became the norm. Here is why this is happening. The economy is getting better over the past few years and so the deficit has been shrinking. More people are working. They're adding to the tax rolls. Also, we are paying higher taxes. So, all that means more revenue for the government. Plus the government has cut back on spending. Now the Republicans, they still insist that the budget deficit is still too large. But if they are looking for a fight, they may not get it because Congress agreed to a bipartisan budget deal last year. And mid-term elections they're coming in the fall. So it seems like a strengthening economy is kind of removing, you know, much of the budgetary brinkmanship that we have been suffering through over the past few years -- Carol.</s>COSTELLO: I'm sure somebody will think of something.</s>KOSIK: You think?</s>COSTELLO: I think. Alison Kosik, thanks so much. Still to come in the NEWSROOM, Jesus has returned to the big screen and congregations across the country are renting entire theaters so their parishioners can see "Son of God" together. I will talk to the senior pastor of one Megachurch next.
Federal Deficit at Lowest Level since 2008