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CBO Estimates U.S. Deficit Will
Shrink More Than Expected in 2014

Wall Street Journal, by Damian Paletta

Original Article

Posted By:viola, 4/16/2014 7:32:44 PM

WASHINGTON--The U.S. government´s gap between spending and revenue will be narrower both this year and later in the decade compared with prior estimates, driven in part by reductions in near-term military spending and falling longer-run costs associated with the Affordable Care Act, the Congressional Budget Office said. The CBO, a nonpartisan agency that advises Congress on budget policy, on Monday said the adjustments will lower its forecast for the 2014 deficit to $492 billion, or $23 billion less than it estimated two months ago. That´s equivalent to 2.8% of gross domestic product, marking the smallest deficit since

      


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Reply 1 - Posted by: golden, 4/16/2014 8:25:42 PM     (No. 9813677)

Deficit spending is still spending more than your taking in. Think about this the revenues are at record levels yet the spending is even higher.

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Reply 2 - Posted by: Coy860, 4/16/2014 8:33:28 PM     (No. 9813686)

Base line budgeting means 8 - 10% increase in spending every year built in.
That means whatever they spend in 2014 will automatically become 8 - 10% more for 2015 without anyone raising a finger.
Wouldn´t it be great if we got raises like that at work?

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Reply 3 - Posted by: kono, 4/16/2014 8:34:05 PM     (No. 9813687)

"That´s equivalent to 2.8% of gross domestic product, marking the smallest deficit since 2007. Since 1980, the deficit has averaged roughly 3.2% of GDP."

Citing the 35-year average as the comparison with his is a not-so-subtle way of obscuring the actual comparisons, because a big part of that 3.2% has been the years of Obama´s administration. I haven´t worked out the figure without his years, yet (I´m looking for the site with the most reliable hard data for both deficit and gdp); but just eyeballing graphs from CBO and other sources, it looks closer to 2.5 than it does to 3.2.

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Reply 4 - Posted by: miceal, 4/16/2014 8:47:48 PM     (No. 9813699)

Read the small print at the end to get the REAL story. When the Administration tries to take credit...place your fingers in your ears and close your eyes and repeat, nah..nah..nah..nah.

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Reply 5 - Posted by: enuf8, 4/17/2014 1:38:17 AM     (No. 9813922)

Who in the right mind agrees with this assessment?

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WASHINGTON--The U.S. government´s gap between spending and revenue will be narrower both this year and later in the decade compared with prior estimates, driven in part by reductions in near-term military spending and falling longer-run costs associated with the Affordable Care Act, the Congressional Budget Office said. The CBO, a nonpartisan agency that advises Congress on budget policy, on Monday said the adjustments will lower its forecast for the 2014 deficit to $492 billion, or $23 billion less than it estimated two months ago. That´s equivalent to 2.8% of gross domestic product, marking the smallest deficit since

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