The February 2013 Deficit

The deficit for the federal government in the month of February is now available – $203.5 Billion, the fourth largest monthly deficit since October 1980 (go here to check out the numbers). Combined with the small surplus in January 2013, this puts the federal government on track to run a $1.2 Trillion deficit for the entire year. It is amazing that in the face of these numbers, Senate Democrats voted out a budget which advocates a deficit increase (note that they always overestimate the additional tax revenues that come from increases in tax rates). Looks like we are on track for a debt crisis – more on that in a future post.

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Economics One

A blog by John B. Taylor

The Grumpy Economist

One economist's views on economic policy.

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