August Surprise: A Lower Deficit

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.

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.

How a Psychedelic Masterpiece Is Made

A short documentary about Bruce Riley, an artist who paints abstract wonders with poured resin

Join the Discussion

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

Please note that The Atlantic's account system is separate from our commenting system. To log in or register with The Atlantic, use the Sign In button at the top of every page.

blog comments powered by Disqus

Video

How a Psychedelic Masterpiece Is Made

A short documentary about Bruce Riley, an artist who paints abstract wonders with poured resin

Videos

Why Is Google Making Skin?

Hidden away on Google’s campus, doctors are changing the way people think about health.

Video

How to Build a Tornado

A Canadian inventor believes his tornado machine could solve the world's energy crisis.

Video

A New York City Minute, Frozen in Time

This short film takes you on a whirling tour of the Big Apple

Video

What Happened to the Milky Way?

Light pollution has taken away our ability to see the stars. Can we save the night sky?

More in Politics

Just In