There is encouraging trend report on top level economy and money available in the system. The US Budget deficit may reduce to $642 Billion by the turn of Fiscal Year 2013, according to Congressional Budget Office (CBO).
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| US Budget Deficit Trend 2013 |
CBO sees brighter economy ahead, light at end of the tunnel ! This is largely because of the raise in revenues and large tax contributions from individuals and corporations.
The deficit forecast for the current fiscal year by $203 billion from estimates made in February to $642 billion - making it the smallest budget shortfall since 2008.
The CBO said the deficit will fall to $378 billion by 2015 with no congressional action - a sharp contrast to the $1 trillion recession-driven deficits in each of President Barack Obama's first four years in office.
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| CBO's Budget Projection |
The revisions are driven largely by rising tax revenue from individuals and corporations as the economy sputters back to life. They also reflect stronger contributions to U.S. Treasury coffers from government-run mortgage finance groups Fannie Mae and Freddie Mac.
"Because revenues, under current law, are projected to rise more rapidly than spending in the next two years, deficits in CBO's baseline projections continue to shrink, falling to 2.1 percent of GDP by 2015," the CBO said in its report.
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