This is what passes as good news in Obamaland.
One huge caveat to the CBO’s analysis, they’re factoring in sequester cuts scheduled for next month, if Congress and Obama strike a deal to avoid them then the deficit would again be over $1 trillion for the year.
For the first time in five years, the federal budget deficit will come in under $1 trillion in 2013, congressional budget analysts said Tuesday, with the gap between taxes and spending falling to $845 billion in the fiscal year that ends in September.
Attributed in large part to tax hikes adopted on Jan. 1 and deep automatic spending cuts set to hit next month, new projections from the nonpartisan Congressional Budget Office show the deficit continuing to plummet in 2014 and 2015, and falling to less than 3 percent of the overall economy for much of this decade. [...]
If lawmakers delay or cancel automatic spending cuts known as the sequester, for example, the outlook would darken significantly. And even if the sequester remains in place, budget caps adopted during the 2011 debt-limit fight would require lawmakers to reduce agency spending to 5.8 percent of GDP in 2023 – the lowest level since at least 1962, when such data were first recorded.