CBO: 2013 deficit will be less than $1 trillion for first time in five years

For the first time in five years, the federal budget deficit will come in under $1 trillion in 2013, congressional budget analysts said Tuesday, with the gap between taxes and spending falling to $845 billion in the fiscal year that ends in September.

Attributed in large part to tax hikes adopted on Jan. 1 and deep automatic spending cuts set to hit next month, new projections from the nonpartisan Congressional Budget Office show the deficit continuing to plummet in 2014 and 2015, and falling to less than 3 percent of the overall economy for much of this decade.

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Lori Montgomery covers U.S. economic policy and the federal budget, focusing on efforts to tame the national debt.

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Paul Kane · February 5, 2013