blog post

Yesterday CBO released The Budget and Economic Outlook: Fiscal Years 2013 to 2023. In that report, CBO projects that the federal deficit will drop to $845 billion in 2013—its smallest size since 2008. Even so, under current law annual deficits and federal debt will stay at historically high levels relative to the economy through 2023, and lawmakers face key budgetary decisions this year that could have a substantial effect on that budget outlook.