The federal government ran a budget deficit of $486 billion in fiscal year 2014, the Congressional Budget Office (CBO) estimates—$195 billion less than the shortfall recorded in fiscal year 2013, and the smallest deficit recorded since 2008. Relative to the size of the economy, that deficit—at an estimated 2.8 percent of gross domestic product (GDP)—was slightly below the average experienced over the past 40 years, and 2014 was the fifth consecutive year in which the deficit declined as a percentage of GDP since peaking at 9.8 percent in 2009. By CBOs estimate, revenues were about 9 percent higher and outlays were about 1 percent higher in 2014 than they were in the previous fiscal year. CBOs deficit estimate is based on data from the Daily Treasury Statements; the Treasury Department will report the actual deficit for fiscal year 2014 later this month. A deficit of $486 billion for 2014 would be $20 billion smaller than the shortfall that CBO projected in its August 2014 report An Update to the Budget and Economic Outlook: 2014 to 2024. Revenues exceeded the August projection by $7 billion and outlays fell short by $13 billion, according to CBOs current estimates. More importantly though: Deficit in August 2014: $129 Billion The Treasury Department reported a deficit of $129 billion for August—the same amount that CBO estimated in the Monthly Budget Review for March 2014 on the basis of the Daily Treasury Statements. This means in the last 6 months under this administration we have spent less than or equal to the amount weve taken in as a country to prevent any rise in the overall Deficit. https://cbo.gov/publication/49450
Posted on: Sun, 12 Oct 2014 04:02:31 +0000
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