CBO Projects A Trillion Dollar Deficit For The Fourth Consecutive Year
So much for getting those fiscal problems in order:
The U.S. budget deficit this year will be larger than projected while health-care costs aren’t growing as quickly as anticipated, according to the federal government.
The budget shortfall for 2012 will be $1.2 trillion, about $93 billion more than forecast two months ago, according to the nonpartisan Congressional Budget Office.
The increase is largely attributable to a reduction in workers’ payroll taxes for the rest of 2012, the cost of which lawmakers agreed to add to the federal deficit.
The revised estimate means the government will run a trillion-dollar deficit for the fourth consecutive year, though the gap will narrow slightly from last year’s $1.3 trillion.
“The fundamental story about the federal budget has not changed: Although the deficit is starting to shrink, it remains very large by historical standards,” the agency said yesterday in a report.
Nothing to see here folks, move along and go back to talking about Rush Limbaugh and contraceptives.