Deficit Drops to 1.2% of GDP

Deficit Declining Towards 2012 Surplus, originally uploaded by Rob Bluey.
The White House is reporting the deficit will be $163 billion for fiscal 2007, accounting for 1.2% of gross domestic product (GDP). For historical comparison, the 40-year average for deficits is 2.4% of the economy. In the last three years alone, the deficit has declined by $250 billion.




October 12th, 2007 at ,1 pm
[…] Jim Nussle, director of the Office of Management and Budget, met with a small group of bloggers at the Eisenhower Executive Office Building this morning. I was there and captured Nussle’s opening remarks about earmark reform, federal spending bills, and the declining deficit. […]