Another wacky deflating bar-flailing federal deficit graph!

Mostly unremarked upon outside the wonkosphere this week was the near-term deficit crisis being solved. Amidst the scandals rocking the nation to the core, perhaps it isn’t a surprise. To be honest, in a contrarian sort of way, this shouldn’t be news outside the fact that the polity has been extremely focused on (non-existant) ballooning federal deficits. Which is to say, the report released by the Congressional Budget Office (CBO) shaving off 200 billion dollars from the expected 2013 budget deficit is more of a trend than revelation — see this post from last Thanksgiving. Now, this, from the CBO (PDF):

WIFGRAPH

See also: KrugmanYglesiasKleinDrum, etc.

As it turns out a mixture of spending cuts and tax increases reduces the deficit! Of course it’s probably (no, more like definitely) cold comfort to the erstwhile victims of austerity. Now I can eagerly await the giant policy apparatus turning it’s legislative guns to deal the long-term unemployed, right?

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