Ken Berwitz
Through the first 11 months of this budget year endingSept. 30, the deficit is running 10 percent below last year\’s level. TheCongressional Budget Office is forecasting that the deficit for the full yearwill drop to $426 billion, down 11.8 percent from the previous year as astronger economy brings in more tax revenue.
… Through the first 11 months of this year,government revenues total $2.88 trillion, up 8 percent from the same period ayear ago. Government spending over the past 11 months is up 4.8 percent to$3.41 trillion.
The CBO\’s forecast of a 2015deficit of $426 billion would be the lowest imbalance since the deficit stoodconsiderably lower at $160.7 billion in 2007.
(Thereported deficit in fiscal 2007 was $161.5 billion,as of the end of fiscal 2008.)
Wow,we\’re so impressed. The 2015 will deficit will “only” be over 2-1/2times the deficit seen eight years ago. Not coincidentally, that 2007 occurredduring the last budget passed by a Republican Congress (during calendar 2006)and signed by a Republican president. Every fiscal year since Barack Obamaentered the White House has seen higher deficits, most of them far higher.
