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CBO reduces projection for this year's budget deficit

  • The Congressional Budget Office has cut its forecast for the budget deficit in the fiscal year through September 30, saying it will be $514B vs a previous prediction of $560B and $680B in FY 2013.
  • The CBO cited the improving economy, spending cuts and higher tax receipts for the new projection.
  • The deficit will drop to $478B in FY 2015, although that's $100B more than previously projected, while the CBO expects the budget gap to grow after that due to a slow drop in unemployment, the aging population, increased healthcare spending and rising interest costs on debt.
  • CBO report
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