WASHINGTON — Federal spending cuts, higher taxes for the wealthy, and a slowly recovering economy combined to reduce the budget deficit for the fiscal year that just ended to a lower-than-expected $680 billion, nearly a third lower than the Obama administration projected six months ago.
The final figure for the 2013 fiscal year, which ended Sept. 30, was a significant turnaround for the nation’s books after four straight post-recession years in which annual deficits exceeded $1 trillion each.
According to the Office of Management and Budget and the Treasury Department, which released the numbers Wednesday afternoon, the $680 billion shortfall is equivalent to 4.1 percent of the economy’s total output. That is down from a peak of 10.1 percent of the gross domestic product in 2009, months into President Obama’s first year, and at the height of the recession and financial crisis. Full story for BostonGlobe.com subscribers.