Originally Posted by patteeu
Left wing shills applauding a deficit of $642 bil as progress simply because it's less than the catastrophic, ill-considered deficits this administration brought to us in it's first few years. Good grief.
Come on man. This is good news no matter what side of the aisle your on. The Republicans can take as much credit for this as Obama.
Deficits are falling.A lot.
Remember 2009, the depths of the economic crisis? That year, the country spent way more than it brought in andran an eye-popping shortfall that topped 10% of the size of the economy.
This year the deficit is expected to be half that -- around 5.3% of GDP, the Congressional Budget Office estimates.
And by 2015, it's projected to drop to 2.4%.
What's more, the national debt that has accumulated from annual deficitsis also projected to fall to an estimated 73.1% of GDP in 2018 from an estimated 76.3% today.