Deficit to Shrink Rapidly

[Havakasha]

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.

[Havakasha]

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

[Havakasha]

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.