Federal Budget Deficit Falls to Smallest Level Since 2008
In nominal terms, that is the smallest deficit since 2008, and signals the end of a five-year stretch beginning with the onset of the recession when the country’s fiscal gap came in at more than $1 trillion each year. As a share of the nation’s economy, the budget deficit fell to about 4.1 percent, from a high of more than 10 percent during the depths of the Great Recession.
So can we talk about issues other than cutting social programs now? At what point can we start talking about policy that does’t involve cutting taxes for the wealthy and gutting programs for the poor?