Deficit To Be Much Lower than Expected

The Congressional Budget Office said that the federal deficit budget should be significantly lower than the $427 billion projected in January and may even come in below $325 million, or approximately 2.8% of GDP. That figure would be lower than the budget deficit throughout the 80s and early 90s. (No one ever mentions the fact that military cuts of 2.0%+ of GDP accounted for more than the entire surplus in the late 90s.)

The reason for the revenue surge is the tax rate reductions, which have promoted significant economic growth and investment. Sadly, the Democrats still don't understand this and would love to see the tax cuts expire.

Imagine what our budget deficit would look like if Congress knew how to control spending!