Cooler but still well above normal this week

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The federal budget deficit will fall in 2015, the sixth consecutive year of decreases relative to the overall economy, according to new figures by the Congressional Budget Office. The office also says the U.S. economy will expand at a "solid pace" for the next few years.


The estimate for 2015 stands at $468 billion, a modest improvement on the 

. Both numbers are solid improvements over the $680 billion shortfall that was recorded in 2013.
But as is often the case with economic news, the picture isn't completely sunny. The main problem is the overall federal debt, which 

 is already at historically high levels when measured against the U.S. economy.


As you'll recall, U.S. debt levels soared in the early years of the economic crisis as the government spent money to try to cope, even as revenues plummeted. In 2009, for instance, the budget deficit stood at 9.8 percent of the U.S. GDP; this year, it's projected to be 2.6 percent.

While the next few years could be relatively smooth for the U.S. economy, the CBO says several elements will challenge the budget in the next 10 years:

Business and Economic News

The federal budget deficit will fall in 2015, the sixth consecutive year of decreases relative to the overall economy.

2015 will continue streak of shrinking U.S. budget deficit

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