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CBO Report: Deficit Will Fall to Less Than $1 Trillion in 2013

Washington, DC
Tuesday, February 5, 2013

Congressional Budget Office (CBO) Director Doug Elmendorf holds an annual news conference on the projected economic outlook and budget deficit for fiscal year 2013.

In the report, released before the news conference, the CBO estimates that the deficit will fall below $1 trillion in 2013. The last time the deficit was less than $1 trillion was five years ago.

These estimates assume that the deep spending cuts scheduled for next month, known as the sequester, will take effect. The report notes that these spending cuts will likely lead to reduced consumer and government spending, at least temporarily.

The report also estimates the U.S. economy will grow by 1.4 percent this year.

Last year, the CBO's report showed a small improvement in the deficit, with rising unemployment.  The organization projected a $1.1 trillion federal budget deficit for FY 2012.

However, it also projected unemployment to rise to 8.9% in 2012.  The Bureau of Labor Statistics (BLS) announced in January that the unemployment rate for the end of 2012 was at 7.8%

CBO Director Douglas W. Elmendorf discusses the report and then take reporters' questions.

Updated: Tuesday, February 5, 2013 at 3:06pm (ET)

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