Bill Clinton left the presidency with a budget surplus. And although the first five years of Barack Obama's presidency have featured high (but falling) deficits, it's starting to look like Obama could do the same.
For the first time since the 1950s, federal spending is lower than it was four years ago:
[MKM Partners]
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
As Mike Darda argues:
The fiscal deficit has been falling by an average of 1.5 percentage points per annum since peaking in late 2009. If this trend continues, it would imply a balanced budget during 2015 and a fiscal surplus in 2016. [AEI]
Obama leaving office with a balanced budget would come as a big shock to those who have compared the U.S. to crisis-stricken countries like Greece, or claimed that Obama is spending like a drunken sailor.
But that is exactly what the U.S. is on trend to do. (h/t James Pethokoukis)
-
How is Chili's saving casual dining? Could others follow?Today's Big Question Value and TikTok virality bring in the diners
-
NASA is abandoning the climateThe Explainer Climate missions could be going dark
-
Every MCU movie since 'Avengers: Endgame,' rankedThe Week Recommends How did the recent 'Fantastic Four: First Steps' stack up?
-
Court says labor board's structure unconstitutionalSpeed Read The ruling has broad implications for labor rights enforcement in Texas, Louisiana and Mississippi
-
Feds seek harsh charges in DC arrests, except for riflesSpeed Read The DOJ said 465 arrests had been made in D.C. since Trump federalized law enforcement there two weeks ago
-
Trump taps Missouri AG to help lead FBISpeed Read Missouri Attorney General Andrew Bailey has been appointed FBI co-deputy director, alongside Dan Bongino
-
Trump warms to Kyiv security deal in summitSpeed Read Ukrainian President Volodymyr Zelenskyy called Trump's support for guaranteeing his country's security 'a major step forward'
-
DC protests as Trump deployment ramps upSpeed Read Trump's 'crusade against crime' is targeting immigrants and the homeless
-
Ukraine, European leaders to meet Trump after Putin talksSpeed Read Trump meets with Ukrainian President Volodymyr Zelenskyy today following talks with Russian President Vladimir Putin last week
-
Border agents crash Newsom redistricting kickoffSpeed Read Armed federal Border Patrol agents amassed outside the venue where the California governor and other Democratic leaders were gathered
-
Man charged for hoagie attack as DC fights takeoverSpeed Read The Trump administration filed felony charges against a man who threw a Subway sandwich at a federal agent
