Deficit projected to shrink considerably

[ProSense]

Deficit projected to shrink considerably

By Steve Benen



We won't know for sure what this year's federal budget deficit is going to be until the end of the fiscal year, but if the projections are accurate, a whole lot of talking points are going to need revisions.

The federal budget deficit in 2013 is projected to be $845 billion, the first time the non-partisan Congressional Budget Office has forecast a deficit below $1 trillion under President Obama.

The reduction in the budget deficit comes after Congress approved higher tax rates on households with annual income above $450,000.

The CBO also projects the deficit will shrink again next year to $430 billion.

Why is this politically significant? For one thing, congressional Republicans said raising taxes on the wealthy would not improve the nation's finances, and it appears we now have even more evidence to the contrary. They also seem to enjoy complaining about "trillion-dollar deficits every year," and will have to drop the line from their repertoire.

What's more, it appears the deficit will have been cut nearly in half -- both in real terms and as a percentage of GDP -- since President Obama inherited a massive budget shortfall from the Bush/Cheney administration.

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http://maddowblog.msnbc.com/_news/2013/02/05/16855478-deficit-projected-to-shrink-considerably

[yellowcanine]

1. "(Republicans) will have to drop the line (trillion $ deficits) from their repertoire."

Think so? Think again. When have Republicans concerned themselves with facts?