The US budget deficit fell by nearly one-third from fiscal year 2013 through fiscal year 2014 and is now at the lowest point it's been under President Barack Obama's tenure.

The Congressional Budget Office on Wednesday said the US budget deficit plunged to $486 billion in FY2014, which was $195 billion less than the shortfall recorded in FY2013. It's the smallest deficit recorded since 2008.

FY2014 was the fifth consecutive year the deficit declined as a percentage of GDP. It is now an estimated 2.8% of GDP, a percentage that puts it below the average of the past 40 years.

The deficit has fallen sharply over the past few years, despite constant brinksmanship in Washington over raising the US debt ceiling. But concern about deficits has virtually disappeared from the campaign trail ahead of the 2014 midterm elections after being a central theme of 2010's elections.

"Politicians campaigning this fall have rarely raised the subject, not to mention the difficult prescriptions that are required to deal with red ink," said Greg Valliere, the chief political strategist at Potomac Research Group, in a recent note. "No one wants to talk about the deficit."

Here's a look, via the US Treasury Department, at the government's revenue and spending in FY2013 and 2014 through July: