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September 07, 2004

Economy Grows, Budget Deficit Falls

Via Drudge:

In the headlines this afternoon, the Congressional Budget Office will project that this year's U.S. budget deficit will be smaller than expected. The nonpartisan CBO is expected to say that the deficit will reach $422 billion.

While that is a record, it is down from the $477 billion estimated for the year in January. The estimated revision is largely attributed to stronger revenue collections. The government is expected to spend $2.3 trillion before the fiscal year ends Sept. 30, which translates into borrowing one out of every five dollars it spends.

No cowbell, because that deficit is still much too high. But certainly it's a good sign that "stronger revenue collections" (seems to be a way to say "a better economy" without actually saying it) are reducing it.



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posted by Ace at 02:41 PM

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