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In recent speeches, President Obama has repeatedly claimed that “our deficits are falling at the fastest rate in 60 years.” The White House says he’s referring to the decline in the deficit as a percentage of the nation’s economy from 2009 to 2012. But that’s not the “fastest rate” of deficit reduction in 60 years. It fell at a faster rate from 2004 to 2007. Read more»
Though the fiscal cliff deal passed by Congress late on New Year's Day will raise a substantial amount of new revenue over the next decade, the resulting revenue levels will still be significantly below what bipartisan experts believe we will need in the medium term and far lower than the last time the budget was balanced. Read more»