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Thread: Deficit to Shrink Rapidly

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  1. #1
    Havakasha is offline
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    Deficit to Shrink Rapidly

    Oops. There goes that Republican talking point. Or does it?

    http://www.huffingtonpost.com/2013/0...n_3275895.html


    WASHINGTON, May 14 (Reuters) - The U.S. deficit is shrinking considerably more quickly than previously thought, the Congressional Budget Office said on Tuesday in a report that could sap Congress' sense of urgency to find further budget savings.

    In one fell swoop, the non-partisan budget referee slashed its deficit forecast for the current fiscal year by $203 billion from estimates made in February to $642 billion - making it the smallest budget shortfall since 2008.

    The CBO said the deficit will fall to $378 billion by 2015 with no congressional action - a sharp contrast to the $1 trillion recession-driven deficits in each of President Barack Obama's first four years in office.

  2. #2
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    CBO: Obama Budget Cuts Deficit $1.1 Trillion By 2023


    AP MAY 17, 2013, 4:00 PM 585
    WASHINGTON (AP) — Congress’ nonpartisan budget analyst says President Barack Obama’s budget would trim projected federal deficits by $1.1 trillion over the coming decade.

    The Congressional Budget Office said Friday that after four straight years of annual shortfalls exceeding $1 trillion, Obama’s budget would leave this year’s deficit at $669 billion.

    The report says annual budget gaps would fall slowly to $399 billion in 2017 before gradually rising again.

    http://talkingpointsmemo.com/news/cb...on-by-2023.php

  3. #3
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    Some more shrinkage for deficit. Lowest in 5 years.

    http://talkingpointsmemo.com/news/u-...est-in-5-years



    WASHINGTON (AP) -- For the first time in five years, the U.S. government has run a budget deficit below $1 trillion.

    The government says the deficit for the 2013 budget year totaled $680.3 billion, down from $1.09 trillion in 2012. That's the smallest imbalance since 2008, when the government ran a $458.6 billion deficit.

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