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Rising revenues to shrink US deficit rapidly through 2015

The US deficit is shrinking considerably more quickly than previously thought, the Congressional Budget Office said on Tuesday in a report that could sap Congress' sense of urgency to find further budget savings.

In one fell swoop, the non-partisan budget referee slashed its deficit forecast for the current fiscal year by US$203 billion (S$251 billion) from estimates made in February to US$642 billion - making it the smallest budget shortfall since 2008.

The CBO said the deficit will fall to US$378 billion by 2015 with no congressional action - a sharp contrast to the US$1 trillion recession-driven deficits in each of President Barack Obama's first four years in office.

The revisions are driven largely by rising tax revenue from individuals and corporations as the economy sputters back to life.

They also reflect stronger contributions to US Treasury coffers from government-run mortgage finance groups Fannie Mae and Freddie Mac.

"Because revenues, under current law, are projected to rise more rapidly than spending in the next two years, deficits in CBO's baseline projections continue to shrink, falling to 2.1 per cent of GDP by 2015," the CBO said in its report.
- See more at: http://business.asiaone.com/news/rising-revenues-shrink-us-d...




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Golly gee, I knew them

Golly gee, I knew them pollyticians could fix this mess if we gave em enough time. Wait, you didn't tell THEM the deficit was shrinking, did you? Thats like telling an alcoholic that there's a whiskey sale at the store. Now they will have to scramble to find a way to spend that newfound pile of invisible, nonexistent cash.

This article is so laughable that I'm going to have to take a minute to guffaw...

Is this satire?

No... no it's not. lol

“When a well-packaged web of lies has been sold gradually to the masses over generations, the truth will seem utterly preposterous and its speaker a raving lunatic.” – Dresden James

Everything must really be okay

because even governor Moonbeam, Jerry Brown, says California is doing fine now.

We must really be in trouble! They are rolling out the 'big lie'

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Free includes debt-free!

Pipe dreams based on

Pipe dreams based on fraudulent numbers. Just wait until the fed loses control of interest rates and they jump to more normalized levels...it will eventually take 100% of tax revenues just to pay the exploding interest on the debt.

"Within 10 years, if we do nothing, Social Security, Medicare, Welfare, and the interest on our debt will consume our entire budget.

No money - ZERO - left for national defense"

Dr Ron Paul

Personally, I think Dr. Paul is being way too optimistic. I say closer to 3-5 years and the debt interest itself will consume the entire budget.

If you want to have a good belly laugh, go look at the CBO projections back in 2000.

“Let it not be said that no one cared, that no one objected once it’s realized that our liberties and wealth are in jeopardy.”
― Ron Paul

depends

that might depend on how much we lent out to those European governments to bail them out at a higher interest rate than we borrowed at. Yeah, it's all funny money but who is better at keeping up the charade.