The federal budget deficit has been plummeting in size over the last few years, and it continues to do so: the Congressional Budget Office (CBO) estimated yesterday that the deficit for the first eleven months of this fiscal year fell $400 billion from the comparable period last year.
The 35 percent decrease was driven by a combination of decreases in government spending and increases in revenues. Federal outlays fell by $127 billion, and tax receipts increased by $284 billion. This is part of a longer trend: the budget deficit (as a percent of GDP and in absolute terms) has been falling since it peaked in early 2009.
What have you been smoking…how does one reduce a deficit by spending more money??????
Obama thinks that people are stupid….the other day he said….just because you raise the debt ceiling does not mean we will have more debts.
What a spin doctor he is….even the brain death should know if you spend more money then you have ….you will have more debts.
Liberalism is a mental disease
first of all the debt and deficit are 2 different things. one is long term and the other is short term. bush drove both through the roof. he took a surplus in one and turned it into over a trillion in deficit. he took a 5 trillion dollar debt and ran it up to over 10 trillion. Obama walked into 2 wars the economy in near depression and having to cover the interest on all the debt that bush left. so you republicans keep drinking the Kool-Aid that the old white men keep feeding you
According to the CBO's website as of September 17, 2013:
The 2013 Long-Term Budget Outlook
*Correction and Addition: On September 19, 2013, CBO reposted this document and the accompanying supplemental data with two errors corrected.
Between 2009 and 2012, the federal government recorded the largest budget deficits relative to the size of the economy since 1946, causing federal debt to soar. Federal debt held by the public is now about 73 percent of the economy’s annual output, or gross domestic product (GDP). That percentage is higher than at any point in U.S. history except a brief period around World War II, and it is twice the percentage at the end of 2007. If current laws generally remained in place, federal debt held by the public would decline slightly relative to GDP over the next several years, CBO projects. After that, however, growing deficits would ultimately push debt back above its current high level. CBO projects that federal debt held by the public would reach 100 percent of GDP in 2038, 25 years from now, even without accounting for the harmful effects that growing debt would have on the economy (see the figure below). Moreover, debt would be on an upward path relative to the size of the economy, a trend that could not be sustained indefinitely.
G.W. Bush, with his usual modesty, claimed he would "retire nearly $1 trillion in debt over the next four years. This will be the largest debt reduction ever achieved by any nation at any time."
As we knew soon enough, the claim came with his usual accuracy: Bush and his recession ballooned the debt -- including a record-setting $1.1 trillion increase in just 100 days between July 30 and Nov 9, 2008.
Still struggling with the effects of the Bush recession, and with a House of Representatives determined to block revenues to pay the accumulated debt , Obama is hard put to repeat Clinton's stunning turnaround of the Republican debt he had inherited.