Why No One Is Celebrating CBO’s New And Much Lower Deficit Estimate
|There was a time when a $200+ billion reduction in the federal budget deficit would have been big news and hailed as a singular achievement worthy of either fiscal sainthood or a dance-on-the-table party…or both.
Yet yesterday’s Congressional Budget Office report showing that the fiscal 2013 federal deficit will be $642 billion, $203 billion less than CBO’s previous estimate of $845 billion, did not create any spontaneous cannonizations or celebrations. It also didn’t change the still-stalemated and crisis-oriented federal budget debate by even a small amount.
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