Based on current laws the Congressional budget office released their budget deficit forecasts. Adam had the initial scoop and here are the details.
- 2014 deficit to be around $492bn vs $514bn estimated in Feb, 2.8% of GDP
- Deficit down from $680bn in FY 2013
- 2015 projection of $469bn
- 2023/24 to reach $1tn
- Reductions to estimates from Feb due to lower estimated outlays from health insurance subsidies, discretionary programs and interest payments
Sometimes the numbers that get bandied about in US finances just boggle the mind. Still, if they were in Europe they’d get a pat on the back for coming in at 2.8%
