Now OBAMA pulls us out of that republican fiasco and you want to once again recycle 2008? What a MEATHEAD…<quoted text> Obama should be impeached.
U.S. Budget Deficit Shrinks Far Faster Than Expected
The Congressional Budget Office said the 2013 fiscal deficit would fall to about $642 billion, or 4 percent of G.D.P., about $200 billion less than it estimated just three months ago.
Since the recession ended four years ago, the federal budget deficit has topped $1 trillion every year. But now the government’s annual deficit is shrinking far faster than anyone in Washington expected, and perhaps even faster than many economists think is advisable for the health of the economy.
The agency forecast that the deficit, which topped 10 percent of gross domestic product in 2009, could shrink to as little as 2.1 percent of gross domestic product by 2015 — a level that most analysts say would be easily sustainable over the long run — before beginning to climb gradually through the rest of the decade.
"Revenues have been strong as the economy has outperformed a bit," said Joel Prakken, a founder of Macroeconomic Advisers, a forecasting firm based in St. Louis.
Over all, the figures demonstrate how the economic recovery has begun to refill the government’s coffers. At the same time, Washington, despite its republican political paralysis.
Republicans say perhaps too successful. Given that the economy continues to perform well below its potential and that unemployment has so far failed to fall below 7.5 percent, many economists are cautioning that the deficit is coming down too fast, too soon.
“It’s good news for the budget deficit and bad news for the jobs deficit,” said Jared Bernstein of the Center on Budget and Policy Priorities.“I’m more worried about the latter.” OOOHHH scary..
Now Obama is showing his democratic colors of success in financials. With the government running a hefty $113 billion surplus in the tax payment month of April, according to the Treasury, analysts now do not expect the country to run out of room under its debt ceiling.
The $200 billion reduction to the estimated deficit comes not from the $85 billion in mandatory cuts known as sequestration, nor from the package of tax increases that Congress passed this winter to avoid the so-called fiscal cliff. The office had already incorporated those policy changes in its February forecast.
Republicans want Congress to agree for this year to serving as a partial brake on the recovery, cutting government jobs and preventing growth from accelerating to a more robust pace, many economists have warned. The International Monetary Fund has called the country’s pace of deficit reduction “overly strong,” arguing that Washington should delay some of its budget cuts while adopting a longer-term strategy to hold down future deficits. Typical, small minds for small growth..
CBO is revising its estimates for the current year, the budget office also cut its projections of the 10-year cumulative deficit by $618 billion. Those longer-term adjustments are mostly a result of smaller projected outlays for the entitlement programs of Social Security, Medicaid and Medicare, as well as smaller interest payments on the debt. The C.B.O. has quietly erased hundreds of billions of dollars in projected government health spending over the last few years.
It did so again on Tuesday. In February, the budget office projected that the United States would spend about $8.1 trillion on Medicare and $4.4 trillion on Medicaid over the next 10 fiscal years. It now projects it will spend $7.9 trillion on Medicare and $4.3 trillion on Medicaid. Republicans “Chicken Little” is dying. Serving red herrings will return to the menu for their herd.