
The
2013 deficit weighed in at $680 billion, or 4.1% of GDP, which is down
from nearly $1.1 trillion and 6.8% of GDP a year earlier. As the nearby
table shows, this continues the gradual decline from the Obama Administration's record deficit blowouts from 2009-2011. In five
years President Obama has borrowed roughly $5.7 trillion, which is more
than the entire gross federal debt as recently as the year 2000. Debt
held by the public as a share of GDP has nearly doubled in those five
years to 76% from 40% in 2008.
The more
important story is why the fiscal picture is improving, at least for
the time being. The main reason is higher revenues, which rose a
whopping 13.3% for the year to $2.77 trillion. That's a new federal
revenue record, surpassing the previous high of $2.57 trillion in fiscal
2007.
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