The CBO Sees Improved Budget Numbers

Earlier this year, the CBO forecast a budget deficit for this year of $845 billion. That would be the first deficit below $1 trillion in four years. Yesterday, the CBO revised that estimate down to $642 billion. That will be 4% of GDP. By 2015, they expect the deficit will be just 2.1% of GDP.

This is remarkably good news. The country still faces long-term problems with the deficit, and the CBO report makes that clear. However, the fiscal disaster that plagued us for so long has greatly diminished in the near term.

No, the U.S. is not going the way of Greece.

Posted by on May 15th, 2013 at 2:37 pm


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