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CBO: THE DEFICIT WILL SHRINK MASSIVELY IN COMING YEARS
Business Insider ^ | 02/05/2013 | Sam Ro

Posted on 02/05/2013 11:07:51 AM PST by SeekAndFind

cbo deficit projection

CBO

The CBO has just published its Budget and Economic Outlook.

The big headline: the CBO expects the U.S. budget deficit to fall to $845 billion this year.  This would be the first reading under $1 trillion in five years.

They also estimate that the deficit falls to $616 billion in 2014 and as low as $430 billion in 2015.

They assume unemployment rates of 8.0 percent in 2013 and 7.6 percent in 2014.  They also assume GDP growth of 1.4 percent in 2013 accelerating to 3.4 percent in 2014.

Here are the CBO's long-term budget projections:

cbo deficit projection

CBO


And here are the economic projections:

cbo economic projection

CBO

Download the full report here.

Below is the CBO's statement:
========================

The Budget and Economic Outlook: Fiscal Years 2013 to 2023

Economic growth will remain slow this year, CBO anticipates, as gradual improvement in many of the forces that drive the economy is offset by the effects of budgetary changes that are scheduled to occur under current law. After this year, economic growth will speed up, CBO projects, causing the unemployment rate to decline and inflation and interest rates to eventually rise from their current low levels. Nevertheless, the unemployment rate is expected to remain above 7½ percent through next year; if that happens, 2014 will be the sixth consecutive year with unemployment exceeding 7½ percent of the labor force—the longest such period in the past 70 years.


(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: budget; cbo; deficit
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1 posted on 02/05/2013 11:07:56 AM PST by SeekAndFind
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To: SeekAndFind

GI GO?


2 posted on 02/05/2013 11:11:06 AM PST by citizen (We get the government we choose. America either voted for Obama or handed it to him by not voting.)
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To: SeekAndFind

In related news, the CBO is offering beachfront property in Arizona for sale.


3 posted on 02/05/2013 11:11:24 AM PST by kevkrom (If a wise man has an argument with a foolish man, the fool only rages or laughs...)
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To: SeekAndFind

These people are seldom correct. This has no value.


4 posted on 02/05/2013 11:11:48 AM PST by phormer phrog phlyer
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To: SeekAndFind

Apparently, sniffing unicorn farts has become a requirement to publish a government report.


5 posted on 02/05/2013 11:12:26 AM PST by taxcontrol
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To: SeekAndFind

How can one generate a projected report of a budget outcome, when no budget has been done in 4+ years?


6 posted on 02/05/2013 11:14:31 AM PST by Lucky9teen (Peace is that brief glorious moment in history when everybody stands around reloading.~Thomas Jeffer)
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To: SeekAndFind

The CBO also claimed that Obamacare would reduce the deficit and would only cost $940,000,000,00 per year. Who would be dumb enough to believe ANY of their predictions after that? They are a thoroughly discredited institution.


7 posted on 02/05/2013 11:15:09 AM PST by vikingd00d (chown -R us ./base)
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To: SeekAndFind
Photobucket
8 posted on 02/05/2013 11:15:53 AM PST by CMailBag
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To: taxcontrol

$430 Billion is LOW?!!!!


9 posted on 02/05/2013 11:16:02 AM PST by massgopguy (I owe everything to George Bailey)
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To: SeekAndFind

Sure just like Obama will announce his resignation any day now.


10 posted on 02/05/2013 11:16:07 AM PST by ColdOne (I miss my poochie... Tasha 2000~3/14/11)
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To: SeekAndFind

Can we hold them to this, and if they are off by 10% ( I am being generous) then get a pledge from every damn Dem to commit seppuku if they are off by over 10% ?


11 posted on 02/05/2013 11:16:23 AM PST by GraceG
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To: SeekAndFind

In 2004 they projected we’d be in surplus in 2012.

http://www.cbo.gov/sites/default/files/cbofiles/ftpdocs/60xx/doc6060/01-25-budgetoutlook.pdf


12 posted on 02/05/2013 11:17:26 AM PST by DManA
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To: SeekAndFind

If this happen all bets off
by preventing the 25 percent cut in Medicare’s payment rates for physicians that is due to occur in 2014. If, for instance, lawmakers eliminated the automatic spending cuts scheduled to take effect in March (but left in place the original caps on discretionary funding set by the Budget Control Act), prevented the sharp reduction in Medicare’s payment rates for physicians, and extended the tax provisions that are scheduled to expire at the end of calendar year 2013 (or, in some cases, in later years), budget deficits would be substantially larger over the coming decade than in CBO’s baseline projections. With those changes, and no offsetting reductions in deficits, debt held by the public would rise to 87 percent of GDP by the end of 2023 rather than to 77 percent.


13 posted on 02/05/2013 11:17:56 AM PST by wmap
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To: SeekAndFind

Well, heck, if the president and the Democrats socialize the United States, as they plan to do, so that we have a policy of “From each according to his ability, to each according to his needs,” we can eliminate the budget deficit any time.

However, history has proven beyond a shadow of a doubt that communism doesn’t work, and a system of kleptocracy ruins an economy in short order, at the same time as it produces a citizenry which hates its government Masters to promote their own power and privilege.


14 posted on 02/05/2013 11:19:08 AM PST by Jack Hammer
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To: SeekAndFind

I agree with this CBO statement completely. It is absolutely correct.

When the economy and dollar collapse and we Zimbabwe-ize, the deficit will tend towards zero. The debt will remain wherever it is on that day - $16 or $17 Trillion or more. Of course, the GDP will be trending to zero as well.


15 posted on 02/05/2013 11:21:52 AM PST by C210N (When people fear government there is tyranny; when government fears people there is liberty)
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To: SeekAndFind

CBO projections are a joke, as they all begin with the marching orders, “Assuming all of our predictions are correct and no unintended consequences ever occur, ...”


16 posted on 02/05/2013 11:22:09 AM PST by SampleMan (Feral Humans are the refuse of socialism.)
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To: SeekAndFind

How the he11 can they make that kind of call????

Is there something to Keynesian math that makes this possible?

Are they using a fortune teller?

Maybe JJ Abrams is on board with the CBO, and has enlisted a time traveler...


17 posted on 02/05/2013 11:22:48 AM PST by petro45acp (No good endeavour survives an excess of adult supervision)
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To: SeekAndFind

What kind of dope are these people at CBO snorting or shooting or smoking?


18 posted on 02/05/2013 11:23:15 AM PST by MasterGunner01
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To: SeekAndFind

Future headline: Deficit Rises Unexpectedly


19 posted on 02/05/2013 11:23:33 AM PST by BinaryBoy (Socialism is slavery)
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To: SeekAndFind

The year is still young, and Obama has only begun to spend.


20 posted on 02/05/2013 11:23:45 AM PST by pallis
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