The U.S. government's budget deficit shrank to $37 billion in March from $107 billion in the same month last year. The deficit was the lowest for the month of March in 14 years.

In its monthly budget report, the Treasury Department says the deficit fell partly because revenue jumped 16 percent to $216 billion. Individual income and Social Security taxes have increased as employers have steadily hired more workers in the past year.

Changes in the timing of about $40 billion in benefit payments and tax receipts from March last year to February this year were also a big reason for the smaller deficit. Excluding the impact of those timing shifts, the deficit would have been $77 billion last month.