The Congressional Budget Office announced today that in 2014 the federal deficit will shrink by $46 billion more than the agency’s previous projection, bringing the total deficit to $514 billion. The current prediction pales in comparison to the $1.9 trillion deficit in 2009. The deficit is projected to decrease again in 2015 to $478 billion, but it is expected to increase after that to cope with the rising cost of healthcare for aging Baby Boomers. The CBO also predicts that unemployment will decline gradually and fall under 6% in 2017.
