WASHINGTON— A new report released Tuesday said the government’s budget deficit is set to fall to $514 billion for the current year, down substantially from last year and the lowest by far since President Barack Obama took office five years ago.
The Congressional Budget Office report credits higher tax revenues from the rebounding economy and sharp curbs on agency spending as the chief reason for the deficit’s short-term decline.
But agency sees the long-term deficit picture worsening by about $100 billion a year through the end of the decade because of slower growth in the economy over the coming decade than it had previously predicted.
Read tomorrow's Arkansas Democrat-Gazette for full details.