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]
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)
-
Thieves nab French crown jewels from LouvreSpeed Read A gang of thieves stole 19th century royal jewels from the Paris museum’s Galerie d’Apollon
-
Bolivia elects centrist over far-right presidential rivalSpeed Read Relative political unknown Rodrigo Paz, a centrist senator, was elected president
-
Millions turn out for anti-Trump ‘No Kings’ ralliesSpeed Read An estimated 7 million people participated, 2 million more than at the first ‘No Kings’ protest in June
-
Millions turn out for anti-Trump ‘No Kings’ rallies
Speed Read An estimated 7 million people participated, 2 million more than at the first ‘No Kings’ protest in June
-
DOJ indicts John Bolton over classified filesSpeed Read Continuing the trend of going after his political enemies, Trump prosecutes his former national security adviser
-
Trump, Putin set summit as Zelenskyy lands in DCSpeed Read Trump and Putin have agreed to meet in Budapest soon to discuss ending the war in Ukraine
-
Courts deal setbacks to Trump’s Chicago operationsSpeed Read President Donald Trump cannot deploy the National Guard in Illinois
-
Pentagon reporters turn in badges after refusing rulesSpeed Read They refused to sign a restrictive new press policy imposed by Defense Secretary Pete Hegseth
-
Supreme Court points to gutting Voting Rights Actspeed read States would no longer be required to consider race when drawing congressional maps
-
Trump says he authorized covert CIA ops in VenezuelaSpeed Read He is also considering military strikes inside the country
-
‘Vile, racist’ leaked chats roil Young RepublicansSpeed Read Leaders of Young Republican groups made racist, antisemitic and violent comments in private chats
