According to the Congressional Budget Office the federal budget deficit will fall to it’s lowest level as a share of the economy since 2007 during this fiscal year.
WASHINGTON (AP) — A new report released Tuesday 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.
The federal deficit was $1.4 trillion during fiscal 2009 when President Obama took office. Fiscal 2009 was the last Bush budget.
If you said this is proof that we cut spending too deeply and too quickly, I may agree with you, but I would also hasten to remind you that taxes on the rich have gone up and unemployment has steadily decreased.
There is a balance here that wouldn’t be seen under a Republican president. If we were under a Republican president, I have no doubt that the GOP would cut taxes across the board just as they sought in the Paul Ryan Path to Poverty budget and the federal deficit would be going up, not down.
The administration is the only thing that has stood between us and the cult of Paul Ryan sociopathic bean-counters who inconveniently control the House of Representatives.