We know the sequestration cuts will not go into effect so the deficit will again be over $1 trillion for the 5th straight year.
For the first time in five years, the federal budget deficit will come in under $1 trillion in 2013, congressional budget analysts said Tuesday, with the gap between taxes and spending falling to $845 billion in the fiscal year that ends in September.
Attributed in large part to tax hikes adopted on Jan. 1 and deep automatic spending cuts set to hit next month, new projections from the nonpartisan Congressional Budget Office show the deficit continuing to plummet in 2014 and 2015, and falling to less than 3 percent of the overall economy for much of this decade.
Right near the bottom you learn the truth…
[…]If lawmakers delay or cancel automatic spending cuts known as the sequester, for example, the outlook would darken significantly. And even if the sequester were canceled, lawmakers would still have to adhere to budget caps adopted during the 2011 debt limit fight that require them to reduce agency spending to 5.8 percent of GDP in 2023 – the lowest level since at least 1962, when such data were first recorded.