Rising revenues to shrink deficit rapidly through 2015: CBO
WASHINGTON (Reuters) - The deficit is shrinking considerably more quickly than previously thought, the Congressional Budget Office said on Tuesday in a report that could sap Congress' sense of urgency to find further budget savings.
In one fell swoop, the non-partisan budget referee slashed its deficit forecast for the current fiscal year by $203 billion from estimates made in February to $642 billion - making it the smallest budget shortfall since 2008.
The CBO said the deficit will fall to $378 billion by 2015 with no congressional action - a sharp contrast to the $1 trillion recession-driven deficits in each of President Barack Obama's first four years in office.