The Treasury Department announced yesterday that the federal budget deficit was $483 billion in fiscal year 2014 — down from $680 billion in fiscal year 2013.
The Obama administration is touting this news (foreshadowed by a Congressional Budget Office release last week) as evidence that the president’s policies are working, and to claim that worries about massive future deficit spending are overblown. John Podesta, counselor to the president, took to the op-ed pages of the Washington Post last week to lay out the administration’s case on these matters.
It is an exceedingly weak argument.
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