US Deficit Reaches $1.342 Trillion, Slightly Lower Than Projection
August 19, 2010
US (ChattahBox) The Congressional Budget Office, a non-partisan group dedicated to monitoring the market and deficit, has released their projections this morning for the coming fiscal year, with a few slight surprises in the report.
First, the current deficit appears to be at $1.342 trillion, which is slightly less than the projected $1.368 trillion from their March estimates. This might seem like bad news, or at least not good enough news to celebrate. But it actually shows a slow shift in the market, which exposes a growing pattern.
Based on this pattern, the CBO has said that they believe the deficit will begin to really decline in 2011, when it reaches $1.066, and then take a major dive in 2012, when it is expected to reach $665 billion in the first half, and $525 billion by the end of the fiscal year.
All in all, it will take some time to get this thing under control. But the leaps that will be taken within the next two years is promising, and should give some hope to those who worry about current spending versus cuts. This will be a long road, one that started back in 2002. But it does have an end, and one in sight, so why don’t we all take a deep breath, lessen the hate speech, and stop freaking out, OK?