Closing the books on a fiscal year in which the federal budget deficit fell more sharply than in any year since the end of World War II, the Treasury Department reported on Thursday that the deficit for 2013 dropped to $680 billion, from about $1.1 trillion the previous year.
In
nominal terms, that is the smallest deficit since 2008, and signals the
end of a five-year stretch beginning with the onset of the recession
when the country’s fiscal gap came in at more than $1 trillion each
year. As a share of the nation’s economy, the budget deficit fell to
about 4.1 percent, from a high of more than 10 percent during the depths
of the Great Recession.
In other words, if you made $100,000 a year and had a credit card bill of $4,100, that wouldn't be a "crushing debt burden," wouldn't it? Remember that next time you hear some Republican go on about "runaway federal deficits."
In other words, if you made $100,000 a year and had a credit card bill of $4,100, that wouldn't be a "crushing debt burden," wouldn't it? Remember that next time you hear some Republican go on about "runaway federal deficits."
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