The Congressional Budget Office, which only some 90 days ago forecast the deficit this fiscal year would hit $845 billion, has decided that $642 billion is the more likely total. Better still, the deficit is projected to be about 4 percent of GDP this year, down from 7 percent in the previous fiscal year, and reasonably close to a level that can be sustained if the economy grows as it should.
Another year of this and I might be willing to call it a good trend.
