Deficit smallest since 2007

The federal deficit fell to $439 billion in fiscal 2015, the Treasury reported Thursday, the smallest government shortfall since 2007.

The deficit was $44 billion less than the year before, the Treasury said in its final budget results.

As a share of the economy, the annual government shortfall was the smallest since 2007, before the financial crisis sent deficits soaring over $1 trillion, and below the 40-year average.

Treasury Secretary Jack Lew said that President Obama has put the federal government's finances on "a sustainable footing while laying the foundation for durable economic growth and broadly shared prosperity."