Encouraging deficit news, but debts still mounting

BudgetDeficitThe federal budget deficit is projected to fall to $492 billion this fiscal year, or 2.8 percent of the gross domestic product, according to a new report from the Congressional Budget Office. That’s lower than the 3.1 percent average of the past 40 years, and almost 32 percent lower than last fiscal year. “This will be the fifth consecutive year in which the deficit has declined as a share of GDP since peaking at 9.8 percent in 2009,” the CBO report said. But lawmakers and President Obama shouldn’t stop being concerned. Though the deficit is expected to drop again next year, it is projected to rise sharply after that. And even when the deficit is declining, it is still adding to the national debt, which now totals more than $17.5 trillion.