Projected Deficit Falls–Goes Below $1 Trillion
Deficit hawks should rejoice.
The Congressional Budget Office on Tuesday projected a federal budget deficit of $845 billion in 2013, the first time it will have fallen below $1 trillion under President Obama…
CBO notes that compared to the size of the economy, the deficit is much lower than 2009 when Obama took office. The deficit will be 5.3 percent of gross domestic product this year, nearly half the 10.1 percent of GDP in 2009.