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Deficit Down to $680 Billion, Lowest Since 2008

Deficit lowest since 2008 meltdown.

Deficit lowest since 2008 meltdown.

Tax increases, spending cuts and a stronger economy nearly sliced America’s budget deficit in half in fiscal 2013, lowering it to the lowest level since 2008, Treasury Department data showed on Wednesday. [Fox News]

THE LATEST economics news from the Treasury Department was delayed due to the shutdown. It shows the deficit down to the lowest it’s been since the great recession that started in 2007, under the Bush administration.

Currently, the Congress is negotiating a budget deal between a 29-member group of lawmakers that have until December 13 to come up with a plan.

Several factors have contributed to the strong improvement in the nation’s near-term fiscal picture. They include an improving economy and a mix of fiscal restraint — primarily, the expiration of stimulus measures, the imposition of across-the-board budget cuts known as the sequester, and tax increases on high-income households during the 2013 fiscal year, which ended September 30. [CNN Money]

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9 Responses to Deficit Down to $680 Billion, Lowest Since 2008

  1. Solo October 30, 2013 at 11:07 pm #

    To date the budget deficit takes a 55% drop under President Obama! That’s pretty remarkable! If it keeps dropping at the rate is has been recently that would result in Obama walking out of the White House in January 2017 with a balanced budget! After inhereting a 1.4T dollar deficit from baby Bush. Add that to an over 100% increase in the Dow Jones, healthcare reform and hopefully eventually immigration reform and what you end up with boys and girls is a pretty significant Presidency!

    • Taylor Marsh October 30, 2013 at 11:37 pm #

      That’s the conservative Democrat’s argument.

      Where’s the growth, the jobs?

      I’m just not a deficit hawk; that’s for conservatives.

      • Solo October 30, 2013 at 11:46 pm #

        Conservative Democratic argument? I can live with that assessment!

        • newdealdem1 October 31, 2013 at 12:03 am #

          Sheesh. Don’t you understand that the sequester had almost everything to do with the steep drop in the deficit. The sequester is the most harmful, destructive way to run a government because they are taking a hacksaw to the budget not a scalpel. They are mindless cuts for the sake of cutting without regard to what and who is harmed in the process.

          Is that what you are proud of from our President and our Government?

          A balanced budget is not what we need NOW. We need more spending on jobs programs such as infrastructure which is an economic multiplier which means for every dollar we spend we get back $4 in economic stimulus on rebuilding our roads, bridges, power grids, retrofit buildings, building a rapid transit system (the bullet train, etc.), etc. That is our topmost important thing we need to do. Jobs. Unemployment is still high. If it weren’t for the Fed doing their job using monetary policy, it would be much worse. But, we are in dire need of fiscal policy with a jobs program. We need another stimulus program this time without tax cuts as were included in the first stim.

          And, no more cuts to food stamps or unemployment especially as we are still in a recession or haven’t you noticed. These programs are multipliers as well. For every $ we spend on them, we receive $1.70 in economic stimulus.

          I have a feeling I’m wasting my key strokes here because the only thing that you care about is the legacy of President Obama even if you don’t get it all right about what is positive in his legacy and what isn’t. Sigh.

      • newdealdem1 October 31, 2013 at 12:04 am #

        Second.

        • newdealdem1 October 31, 2013 at 12:05 am #

          Having trouble where my “Second” comment landed. It was meant for you, Taylor.

          • Taylor Marsh October 31, 2013 at 12:11 am #

            Got it!

            It is a conservative Democratic argument, which I don’t want to be near.

            There’s no growth at all.

            Cutting food stamps, then there’s the sequester.

            I don’t give two hoots about Obama’s or anyone else’s legacy. It’s what the people are feeling that matters.

            http://www.msnbc.com/all/americas-new-hunger-crisis

  2. newdealdem1 October 31, 2013 at 12:29 am #

    Exactly, Taylor.

    Somehow some of us have lost our own humanity when it comes to caring about who has been hurt by all of these avoidable destructive actions: the sequester, the shutdown. I don’t even think they realize what their idolization of whatever politician does to Americans even if they themselves are harmed like when poor people or anyone not country club material vote Republican who would not even let them in their posh palaces let alone pass bills that help them in turn. What’s the matter with Kansas come to life.

    • Taylor Marsh October 31, 2013 at 10:33 am #

      Yep, ah the humanity.

.... a writer is someone who takes the universal whore of language
and turns her into a virgin again.  ~ erica jong