August Surprise: A Lower Deficit

More

On August 25, the Office of Management and Budget will release its latest estimate of the federal budget deficit. In May, the administration projected a deficit of $1.84 trillion. That's now down to about $1.58 trillion, according to an administration official. The basic reason: the financial sector didn't hit rock bottom, and so a lot of the money the administration set aside to pay for emergency actions wasn't needed. Still, $1.58 trillion is... a big number. But remember: the WH was initially very worried that the August estimate would dwarf previous numbers... and would infect the health care debate. It'll be interesting to see whether the Congressional Budget Office revises its deficit projection downward, too; the CBO releases its number the same day as OMB.

Jump to comments
Presented by

Marc Ambinder is an Atlantic contributing editor. He is also a senior contributor at Defense One, a contributing editor at GQ, and a regular contributor at The Week.

Get Today's Top Stories in Your Inbox (preview)

Why Are Americans So Bad at Saving Money?

The U.S. is particularly miserable at putting aside money for the future. Should we blame our paychecks or our psychology?


Elsewhere on the web

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register. blog comments powered by Disqus

Video

The Death of Film

You'll never hear the whirring sound of a projector again.

Video

How to Hunt With Poison Darts

A Borneo hunter explains one of his tribe's oldest customs: the art of the blowpipe

Video

A Delightful, Pixar-Inspired Cartoon

An action figure and his reluctant sidekick trek across a kitchen in search of treasure.

Video

I Am an Undocumented Immigrant

"I look like a typical young American."

Video

Why Did I Study Physics?

Using hand-drawn cartoons to explain an academic passion

Writers

Up
Down

More in Politics

Just In