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Steve McIntosh Report Blog

The federal budget deficit is not growing

I still believe the federal budget should be balanced and entitlements need to be adjusted to deal with our massive debt, but let’s be accurate on the budget deficit.
It is NOT growing … according to figures from the Congressional Budget Office.
The government reported a $97.6 billion deficit for July but remains on track to post its lowest annual budget gap in five years. The deficit is more than 37% below last year at this time … and is on track for a deficit $670 billion for the year, compared with just over a trillion dollars last year.
In addition, the 2013 deficit will be 4% of the Gross Domestic Product … dropping from a peak of 10.1% of G-D-P in 2009 … and projected at 3.4% in 2014.
Steady economic growth, higher taxes, lower government spending, and increased dividends from mortgage giants Fannie Mae and Freddie Mac have helped shrink the deficit.
Our thought for today is from Mark Twain:
“Get your facts first, and then you can distort them as much as you please.”

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08/20/2013 1:23AM
The federal budget deficit is not growing
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