An interesting article by Sean Hackbarth
Earlier this week, the administration said it expected the federal budget deficit would fall to its lowest level in five years. Bloomberg reports:
In the budget review, the forecast for a deficit of $759 billion translates to 4.7 percent of the gross domestic product. That compares with a deficit estimate by the nonpartisan Congressional Budget Office on May 14 of $642 billion this year, or 4 percent of the economy, less than half the shortfall in fiscal 2009 when it was 10.1 percent of GDP.
In a blog post, Office of Management and Budget Director Sylvia Mathews Burwell wrote, “[U]nder the President’s Budget, deficits will be reduced to below 3 percent of GDP by 2017 and continue to fall to about 2 percent in 2023.”