This projection is from the Congressional Budget Office. It shows significant reductions in the deficit from the current high level. Is this projection correct? Of course it isn't. What economic projection is ever correct. However it does indicate a positive trend. If the economy continues to expand, tax revenues will rise. Provided tax increase are not too serve, they will increase revenue. I think gloom and doomsters are going to be proven dead wrong.When Obama took office the stock market was at a 15 year low. The unemployment rate had been going up for 6 mos. and most economist expected it would reach 10% within a year. Retail sails were in the toilet. The Bush administration left him with largest budget deficit in actual dollars of any president. The banking criss was the worst the country had seen since the Great Depression.Just an observation
Since the Democratic Party took over the Congress and Obama became President things in this country have gone from good to an accelerating pace downhill.
Now .. granted, this is an obvious observation that no one can dispute...
But.. If some rose colored, glasses wearing loyal Democrat would like to convince me otherwise... I'm interested...
Now, GDP is rising, consumer spending is the highest it has been since 2007 and unemployment is falling. The CBO estimates that the current 1.5 trillion dollar deficit will decrease by half by 2014.
I don't see any figures that support your statements.
Bush Leaving Next President Record Federal Budget Deficit
Congressional Budget Office - Home Page
Notice what they predict for after 2014? It's right back up there by 2020. And this is only the budget. Our Government hasn't stayed within the budget in decades. this Administration is spending way too much money we don't have. As did Bush. Only now it looks like a race to see how fast it can be spent.
Projected Budget Deficit – Congressional Budget Office Baseline Plus Stimulus Bill | Perot Charts