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Latest News

CBO: Deficit to shrink to lowest level of Obama presidency

FILE - In this March 4, 2014 file photo, copies of President Barack Obama’s proposed fiscal 2015 budget are set out for distribution on Capitol Hill in Washington. The Congressional Budget Office says the federal budget deficit will shrink this year to its lowest level since President Barack Obama took office. CBO says the deficit will be $468 billion for the budget year that ends in September. That’s slightly less than last year’s $483 billion deficit. As a share of the economy, CBO says this year’s deficit will be slightly below the historical average of the past 50 years. (AP Photo/J. Scott Applewhite, File)WASHINGTON (AP) — Solid economic growth will help the federal budget deficit shrink this year to its lowest level since President Barack Obama took office, according to congressional estimates released Monday.


 



 

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