The Congressional Budget Office has released a report stating that the federal budget deficit is the lowest it’s been under President Obama, projected to be $845 Billion in 2013. That deficit is expected to shrink even more in the next few years – to $430 Billion by 2015. Part of the reason for this has to do with the increases in revenues from households making over $450,000 combined that were passes to avoid the fiscal cliff. However, because of the nation’s aging population and expected increases in medical care, the deficit is expected to rise again to close to $1 Trillion by 2023 if no additional measures are taken. This is, of course, fueling the debate surrounding fixing our long term debt issues and balancing the budget – a debate that will intensify this spring as sequestration cuts and budget deadlines loom.
Summer Minnick is the Director of Policy Initiatives and Federal Affairs. She can be reached at 517-908-0301 or [email protected].