CBO: Deficit Shrinks To Lowest Level Of Obama Presidency

President Barack Obama gestures during a news conference in the East Room of the White House, on Wednesday, Nov. 5, 2014, in Washington. Obama held an afternoon news conference Wednesday to share his take on the midt... President Barack Obama gestures during a news conference in the East Room of the White House, on Wednesday, Nov. 5, 2014, in Washington. Obama held an afternoon news conference Wednesday to share his take on the midterm election results after his party lost control of the Senate, and lost more turf in the GOP-controlled House while putting a series of Democratic-leaning states under control of new Republican governors. (AP Photo/Pablo Martinez Monsivais) MORE LESS
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The U.S. budget deficit for the current fiscal year is estimated to fall to its lowest level during President Barack Obama’s presidency.

In a new budget and economic outlook released Monday, the Congressional Budget Office projected that the deficit for fiscal year 2015 would come in at $468 billion, down from $483 billion in fiscal year 2014.

The deficit was a whopping $1.4 trillion in fiscal year 2009, when Obama took office.

“The federal budget deficit, which has fallen sharply during the past few years, is projected to hold steady relative to the size of the economy through 2018,” CBO concluded. “Beyond that point, however, the gap between spending and revenues is projected to grow, further increasing federal debt relative to the size of the economy—which is already historically high.”

The primary long-term fiscal challenges are spending under Social Security, Medicare, Medicaid, Obamacare and net interest costs, CBO said.

Under estimates based on current tax and spending laws, the budget office projects that the economy “will expand at a solid pace in 2015 and for the next few years.”

The CBO projected that Obamacare spending on coverage provisions will be 7 percent — or $101 billion — less over a decade than last April’s forecast. The federal government is projected to spend $76 billion in 2015 and $1.35 trillion from 2015 to 2024 under the health care law to broaden insurance coverage.

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Notable Replies

  1. Avatar for imkmu3 imkmu3 says:

    It’s Obama’s Fault!

  2. Avatar for azjude azjude says:

    What do you have to say now gop/bags?

    President Obama inherited a 1.4 TRILLION dollar deficit (from the bagger in chief, bushie)
    … which is now down to 468 billion.

    Who is the best President ever?

    This guy!!

  3. I’m sure they’ll say:

    “It’s not good enough.”
    “Time for a balanced budget amendment to put an end to this wanton over-spending.”
    Obama had nothing to do with it!"
    “We don’t believe these numbers.”
    “Who’s going to rid us of this job-killing over-spender?”

  4. Oh, they’ll say those numbers are just opinion, that special GOP math proves that Obamacare is exploding the deficit and that a deficit that size is a hazard to the very future of the Republic, and that only extreme austerity, and literal public scourging of the poor, the powerless and the elderly to bloody shreds, can save us.

Continue the discussion at forums.talkingpointsmemo.com

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