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U.S. Budget Deficit Shrinks Far Faster Than Expected

Despite the constant bickering, Washington has proved remarkably successful at slashing the deficit through a variety of tax increases and cuts in domestic and military programs.
Despite the constant bickering, Washington has proved remarkably successful at slashing the deficit through a variety of tax increases and cuts in domestic and military programs.

[THE NEW YORK TIMES]

WASHINGTON — Since the recession ended four years ago, the federal budget deficit has topped $1 trillion every year. But now the government’s annual deficit is shrinking far faster than anyone in Washington expected, and perhaps even faster than many economists think is advisable for the health of the economy.

That is the thrust of a new report released Tuesday by the nonpartisan Congressional Budget Office, estimating that the deficit for this fiscal year, which ends on Sept. 30, will fall to about $642 billion, or 4 percent of the nation’s annual economic output, about $200 billion lower than the agency estimated just three months ago.

Read more about the new report by the CBO at The New York Times.

NNPAFreddie

Freddie Allen is the National News Editor for the NNPA News Wire and BlackPressUSA.com. 200-plus Black newspapers. 20 million readers. You should follow Freddie on Twitter and Instagram @freddieallenjr.

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