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September 17, 2013 10:22 AM

Report: After a decline, budget deficit will start growing again

The federal budget deficit should shrink to 2 percent of the total economy by 2015, the nonpartisan Congressional Budget Office said Tuesday in a new forecast. The debt held by the public would fall as a share of the economy to a healthier – but still high – 68 percent not long afterward. The improving numbers are due to cuts in government spending and an improving economy, and they reflect short-term trends, the CBO said. Over a longer window, through 2038, the nation’s finances remain on perilous ground, the CBO said.

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