Skip to comments.CBO: Deficit to decline to 2.4% of GDP in Fiscal 2015
Posted on 02/06/2013 8:47:59 AM PST by ExxonPatrolUs
The Congressional Budget Office (CBO) released their new The Budget and Economic Outlook: Fiscal Years 2013 to 2023.
From the WSJ: CBO Sees Rising U.S. Debt, Economic Rebound in 2014
Economic growth and recent legislation have cut the federal budget deficit in half in the past four years ... the Congressional Budget Office said Tuesday in the annual update of its budget and economic forecast.
The CBO said it expected economic growth to be sluggish in 2013, in part because of a sharp drop in government spending, but it sees a better economy in 2014 as the recovery takes hold.
The federal deficit for the fiscal year ending Sept. 30, 2013, is projected to fall to $845 billion, or 5.3% of gross domestic product, said the CBO, which produces nonpartisan reports on the budget and economy for Congress. That is down sharply from the past four years, which each had deficits exceeding $1 trillion. The 2012 deficit amounted to 7% of GDP.
The CBO projects the deficit will decline to 3.7% of GDP in fiscal 2014, and 2.4% of GDP in fiscal 2015.
Do we have a “federal budget?” Where did it come from?
The most important thing to realize about this “analysis” is that the CBO can only work with the set of assumptions they are given by the requesting parties.
Yep just like bookies do.
Are they aware that Obama is still president?
Better 2014? Do these clowns have any idea what Obamacare kicking in will do to the economy?
Over on ZH, TD is always harping (correctly) about a population mentally unable to grasp the difference between marginal and real.
Our economic community has a similar problem discerning cyclical from structural.
There’s nothing on the horizon to drive any sort of recovery in the near term.