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Budget Deficit Falling To $514 Billion: CBO
Source: Associated Press
Budget Deficit Falling To $514 Billion: CBO
by ANDREW TAYLOR
Posted: 02/04/2014 10:20 am EST Updated: 02/04/2014 10:20 am EST
WASHINGTON (AP) — A new report says the government's budget deficit is set to fall to $514 billion for the current year, down substantially from last year and the lowest by far since President Barack Obama took office five years ago.
The Congressional Budget Office report 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 CBO sees 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 over the coming decade than it had previously predicted.
Last year's deficit registered $680 billion. Obama inherited an economy in crisis and first-ever deficits exceeding $1 trillion.
by ANDREW TAYLOR
Posted: 02/04/2014 10:20 am EST Updated: 02/04/2014 10:20 am EST
WASHINGTON (AP) — A new report says the government's budget deficit is set to fall to $514 billion for the current year, down substantially from last year and the lowest by far since President Barack Obama took office five years ago.
The Congressional Budget Office report 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 CBO sees 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 over the coming decade than it had previously predicted.
Last year's deficit registered $680 billion. Obama inherited an economy in crisis and first-ever deficits exceeding $1 trillion.
http://www.huffingtonpost.com/2014/02/04/budget-deficit-cbo_n_4723511.html