In an objective but optimistic projection, the Congressional Budget Office recently forecasted a continued narrowing of the budget gap that began its downward slope in fiscal year 2013, which ended Sept. 31, 2013.
The CBO is an independent, nonpartisan agency that analyzes the federal government’s expenditures and tax receipts on an ongoing basis. It is the first independent agency to project a substantial net budget narrowing for fiscal 2013, primarily due to major U.S. Department of Defense expenditures, as well as the string of “stealth” taxes quietly passed by Congress late in 2013 and effective this year.