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2013 Federal Budget Issues

Wednesday, July 31, 2013

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The Issue:

According to the most recent projections from the Office of Management and Budget (OMB), the deficit is expected to shrink from almost $1.1 trillion last year to $759 billion for the current fiscal year (2013). (A month earlier, the Congressional Budget Office estimated the federal deficit for fiscal year (FY) 2013 at $642 billion). Total federal debt held by the public currently stands at $11.9 trillion, or around 75 percent of Gross Domestic Product (GDP).

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The Common Ground Project provides you with real-time insights into key issues before Congress, what’s holding back passage of legislation, and where there might be common ground.

2013-07-31 00:00:00
While the deficit has declined recently, the nation’s fiscal challenges remain a looming crisis

KEYWORDS: OFFICE OF MANAGEMENT AND BUDGET, CONGRESSIONAL BUDGET OFFICE, GROSS DOMESTIC PRODUCT, CITIZENS FOR POLITICAL REFORM, COMMON GROUND PROJECT