U.S. Federal Budget Deficit Increases But….

Citing a report from the Congressional Budget Office, Erik Wasson of The Hill’s Finance and Economy Blog, writes that the U.S. Federal budget deficit for 2013 reached “$750 billion by the end of August”, which is one month before the fiscal year-end.

Wow.

But, before we start leasing out our national parks and closing the Washington Monument, Mr. Wasson points out that the 2013 deficit is about $400 billion below the comparable budget deficit through August 2012.

Despite the improving Federal budget deficit status, Mr. Wasson anticipates that Republicans in Congress will push for more spending cuts when they meet with President Obama to discuss increasing the Federal debt ceiling sometime next month.

Read Mr. Wasson’s article on the Hill http://wp.me/pW1fV-bJ.

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About docjonz

I am an Associate Professor of accounting at Hofstra University in Hempstead, NY. Additionally, I have more than 30 years of professional accounting experience in various capacities including auditing, accounting standard setting and corporate accounting policy.
This entry was posted in Economics and General Business, Politics and tagged , . Bookmark the permalink.

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