Tuesday, April 13, 2010

GOP Alarmists Wrong Again; Federal Budget Deficit Shrinks!

The Tea Party folks say the federal deficit is out of control and will grow and grow forever.

Wrong. Here's a report today from the Washington Post, which shows—yes!—the numbers are improving. 
The federal deficit is running significantly lower than it did last year, with the budget gap for the first half of fiscal 2010 down 8 percent over the same period a year ago, senior Obama administration officials said Monday.
The officials attributed the results to higher tax revenue and to lower spending than projected on bailing out the financial system. If the trend continues for the rest of the year, it would mean the annual deficit would be $1.3 trillion -- about $300 billion less than the administration's projection two months ago for 2010.

No comments: