Skip to comments.US deficit to drop to $514B, lowest of Obama years
Posted on 02/04/2014 9:42:18 AM PST by ColdOne
WASHINGTON (AP) The U.S. budget deficit is set to fall to $514 billion this year, down substantially from last year and the lowest level by far since President Barack Obama took office five years ago, a congressional report said Tuesday.
The Congressional Budget Office 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 the budget experts see 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 than they had previously predicted.
(Excerpt) Read more at cnsnews.com ...
Let’s have a permanent sequester of at least 10% in reduced federal agency budgets and employment and watch that deficit melt. It’s really as simple as subtracting a dime from every dollar that was budgeted by the spendthrifts in Congress.
I like how revenue has gone up due to rebounding economy and not because of tax increases. Go figure
“””The Congressional Budget Office 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. “””””
Did this come from the CBO or SNL??? It’s pretty funny.
so Obama bailed on it..
yet will get credit..
half a trillion in the hole
will be cheered as a step Forward.
bizarre twisted world
But still a higher annual deficit than any other President in history.
Budget? What Budget? I thought they hadn’t posted a budget in the last 6 years?
Color me very skeptical.
Remember several biggies have been moved to “off the books”, Fannie & Freddie for example. That’s worth over $300 billion a year right there. Don’t forget SS funds are placed in the general fund to lower the deficit.
Rule of thumb, due to Federal accounting practices (which would put organized crime to shame), the real deficit is going to be *at least* 50% greater than the reported one. In this instance, it is probably double.
Also, if unfunded liabilities were to be included in the manner corporations are REQUIRED to do, the deficit would be more in the range of $6 trillion last year.
Who you gonna believe? The CBO or your lying eyes?
I know the difference between rain and a Commie pi**ing on my leg.
Scouts Out! Cavalry Ho!
During the SOTU show Barry claimed 9 million signed up for Barrycare ,but during O’Reilly’s intereview he claimed 3 million.
What an upside down world the Congressional Budget (snort, budget) Office lives in.
“Rebounding economy.” What is this, some kind of sick joke?
The Gov. collected 10’s of billions of dollars via capitol
gains in 2013. Good luck with that this year.
Garbage in, garbage out. The Gelded OLD Pansies are part of this fiasco.
More “fun with numbers.”
This means there's no reason the raise the debt ceiling. Right?
In a word: Sequester!
I’m guessing it’s based on that magic math used in Common Core, I can’t make sense of this.
rebounding economy? Stop believing government statistics and propaganda
That's worth celebrating < /sarc>
Half a trillion seems like such a small number anymore.
The FY 2013 “deficit” is $680 Billion ONLY if you do some interesting budget accounting.
The debt ceiling was reached in May 2013, and all borrowing thereafter was ‘under the table’ - In May 2013, the FY2013 deficit was about $670 Billion.
USE THIS WEB SITE: http://www.treasurydirect.gov/NP/debt/current
Select date of 11/08/2013 total public debt outstanding is $17,151.627 Billion
Input the date in the field below the current day debt
.and select several dates to see what changed -
OCT 15, 2013 $16,747.370 Billion
OCT 16, 2013 $16,747.360 Billion
OCT 17, 2013 $17,075.590 Billion
OCT 18, 2013 $17,074.260 Billion
Between Oct 16 & 17 the debt jumped up $328.23 Billion in ONE DAY.
NOTE go back to May 16, 2013 the debt was $16,734.808 Billion ..so consider that in 5 months, with the debt precariously close to the debt ceiling of $16,394 Billion, the debt appears to increase less than $14 Billion but then in 1 day it jumps up $328 Billion. If that $328 Billion was spread out over the 5 months then the fiscal year end deficit would have exceeded $1 Trillion for FY 2013, and Obama would go down as having 5 years in a row of deficits greater than $1 Trillion, and the lies about how he has markedly shrunk the deficit, year after year would be clearly disproved.
SO - here is the thing - if FY 13 had a deficit of $680 Billion - in late October - during the start of FY 14, they added about $328 Billion...so how will they keep from adding less than $172 Billion for the rest of the year - when they are ‘printing’ about $65 Billion to $85 Billion PER MONTH during FY 14? CORRUPT ACCOUNTING!!
And one crappy GDP quarterly report from a recession. Not that Obamas Brown Shirts will allow the true GDP to be reported come July.