Lori Montgomery covers U.S. economic policy and the federal budget, focusing on efforts to tame the national debt. She has written extensively about every major piece of legislation to pass Congress since 2008, including the TARP bank bailout, the Obama stimulus package and the Democratic overhaul of the health care system. A former foreign correspondent who covered the emerging economies of Central Europe and the war over Kosovo in the late 1990s, Montgomery joined the Post in 2000 to report on local government and politics. A native of Western Pennsylvania, she has also worked for newspapers in Michigan, Texas and Idaho.
The mix of tax increases and spending cuts would drive the nation’s debt down by 2023.
With the deficit falling fast, GOP looks beyond budget cuts to tax reform, energy policy, even abortion ban.
The agency credits tax revenues and cash from Fannie and Freddie, says deficit will continue to shrink.
The federal budget deficit will plummet to $642 billion this year, congressional budget analysts said Tuesday, reducing their previous forecast by roughly $200 billion. The CBO credited recovering tax revenues and a one-time infusion of cash from mortgage giants Fannie Mae and Freddie Mac for the dramatic reduction, which puts the nation on track for its smallest deficits since the economic crisis hit in 2008.