Budget deficit narrowed to $120.3 billion in November

More good news for the U.S. economy, as the nation's budget deficit narrowed to $120.3 billion in November, the U.S. Treasury Department announced Thursday.

A Bloomberg News economists survey had expected the U.S. Government to post a $135.0 billion deficit in November, the second month of the federal government's fiscal year. The U.S. government posted a $176.4 billion deficit in October and a $46.6 billion deficit in September, to close out FY2009 with a $1.42 trillion deficit -- a fiscal year record. The deficit in 2009 was nearly three times the FY2008 deficit, due mainly to the bank bailout and the $786 billion fiscal stimulus package.