Budget deficit shrink from The Jed Report

You know that staggeringly huge budget deficit bequeathed to the Obama administration by George W. Bush's and the rotten Bush recession? Don't look now, but that deficit is getting smaller. WaPo:

The federal deficit is running significantly lower than it did last year, with the budget gap for the first half of fiscal 2010 down 8 percent over the same period a year ago, senior Obama administration officials said Monday.

The officials attributed the results to higher tax revenue and to lower spending than projected on bailing out the financial system. If the trend continues for the rest of the year, it would mean the annual deficit would be $1.3 trillion -- about $300 billion less than the administration's projection two months ago for 2010.

Bush's spending, tax, and economic policies were the key culprits in last year's budget deficit, which included the final four months of Bush's term in office plus the first eight of the Obama administration. The stimulus accounted for somewhere between ten and fifteen percent of the 2009 deficit. Despite all the attacks President Obama has gotten for Bush's bailouts, the 2010 deficit is shrinking because less money is being spent on bailouts. More from WaPo:

rest at http://www.jedreport.com/2010/04/budget-deficit-shrink.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheJedReport+%28The+Jed+Report%29