Deficit Down 37.6 Percent Through July

While Rand Paul and Eric Cantor continue to rave about how the deficit is growing it turns out, as many of us already knew, they are full of something, themselves perhaps.

We will see another round this fall where certain radical right politicians try to shut the government down instead of increasing the debt limit. Curious if they will get their fact straight before then. Meanwhile the New York Times covers the issue nicely and with actual facts instead of the lies and misinformation from the mouths of kooks (Rand actually told Bloomberg last week we run a Trillion dollar deficit annually! But that was right before he recommended Friedman—dead since 2006—as Chairman of the Federal Reserve): Here’s a quote from NYT:

July’s figure raises the deficit so far for the 2013 budget year to $607.4 billion, the government says. That’s 37.6 percent below the $973.8 billion deficit for the first 10 months of the 2012 budget year.       

The Congressional Budget Office has forecast that the annual deficit will be $670 billion when the budget year ends Sept. 30, far below last year’s $1.09 trillion. It would mark the first year that the gap between spending and revenue has been below $1 trillion since 2008.

It will be fun watching this fall, I just hope reality prevails and the constituents finally see through the fiction. Perhaps Washington can vote for a little fact based reality. Hmm?

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  1. Pingback: Deficit Ignorance–Legal(?) Misinformation | americanmoneylies.com

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