Washington remains focused on a “deficit problem” when there is no deficit problem. According to the Congressional Budget Office (CBO) the 2013 budget deficit will be down 60 percent as a share of gross domestic product from President Bush’s fiscal year 2009 deficit. The deficit is falling at the fastest rate since the end of World War II. But Congress keeps cutting which keeps the jobs/economy/wages downturn going.
Congress should just repeal the sequester – we don’t need it and it is harming the economy. We need our government to increase spending to get us out of this economic quagmire and return to full employment.
This chart shows the deficit as a percent of GDP:
Also see May 15: Sequester Actually Increases Spending. So Repeal It.