Deficit Down to $500 Billion

GBFan

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WASHINGTON – A new report released Tuesday says the government's budget deficit is set to fall to $514 billion for the current year, down substantially from last year and the lowest by far since President Barack Obama took office five years ago.

The Congressional Budget Office report credits higher tax revenues from the rebounding economy and sharp curbs on agency spending as the chief reason for the deficit's short-term decline.

But CBO sees the long-term deficit picture worsening by about $100 billion a year through the end of the decade because of slower growth in the economy over the coming decade than it had previously predicted.

Last year's deficit registered $680 billion. Obama inherited an economy in crisis and first-ever deficits exceeding $1 trillion. The 2009 deficit, swelled by the costs of the Wall Street bailout, hit a record $1.4 trillion, while the deficits of 2010 and 2011 both registered $1.3 trillion.

The report predicted the economy will continue to rebound this year and grow at a 3.1 percent rate and by 3.4 percent next year. It foresees the jobless rate holding steady at 6.8 percent this year; the most recent nationwide unemployment rate registered 6.7 percent. It predicts the jobless rate remaining above 6 percent through the remainder of Obama's term.

CBO sees the deficit sliding to $478 billion next year before beginning a steady rise years through 2024 that would bring deficits back above $1 trillion a year.
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Am I supposed to celebrate because they are only overspending by a half a trillion dollars? Forgive me if I don't seem enthusiastic.

If the basement is flooding, the first thing you do is turn off the damn water!!!
 
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Cruella

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Down from what? Our National Debt and unfunded liabilities are still growing.
 

dogtowner

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Because the Fed has been printing money as opposed to the treasury trying to get people to buy tbills, that cuts the deficit by about a trillion. But its still half a t of tbills.I
 

Aus22

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It is good the hear that we are reducing your deficit. Australia had no recession but still has a small deficit. We are trying to reduce it to a surplus but it will take four years and involve in a lot of cuts in expenditure. However our jobless rate is low.
 

GBFan

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It is good the hear that we are reducing your deficit. Australia had no recession but still has a small deficit. We are trying to reduce it to a surplus but it will take four years and involve in a lot of cuts in expenditure. However our jobless rate is low.

Cuts in expenditure??? That's HERESY!!! You need to spend more - get the economy running full bore - THEN you'll get more tax income to pay for these ridiculous programs.

You see how well it's working for us ......
 

pocketfullofshells

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Cuts in expenditure??? That's HERESY!!! You need to spend more - get the economy running full bore - THEN you'll get more tax income to pay for these ridiculous programs.

You see how well it's working for us ......

well lets see, when we had the stimulus jobs went up, and things where on the right track...then when it ended it all slowed....

Sorry but republicans don't have anything to talk about when it comes to debt, as all they have ever done in the white house is build it more and more...as they spend more, and tax less....
 
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GBFan

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well lets see, when we had the stimulus jobs went up, and things where on the right track...then when it ended it all slowed....

Sorry but republicans don't have anything to talk about when it comes to debt, as all they have ever done in the white house is build it more and more...as they spend more, and tax less....

It would be nice if there was some fact in context somewhere, anywhere, in that ..
 
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