Update (May 17) – Here’s another analysis of recent improvements in the FY2013 budget deficit, this one from Charles Biderman of TrimTabs (via ZeroHedge). Biderman keeps close tabs on the budget and offers a breakdown of the changes that we’re seeing in both year-to-date results and full year projections.
You may have seen that the Congressional Budget Office (CBO) released its new long-term budget and debt forecasts this week.
I’ve written quite a bit about the problems with CBO projections (examples here and here), but I don’t know when I’ll read the new document (still working through David Stockman’s 712 pages of deformation!).
For now, here’s an article by Ross Douthat (h/t Marginal Revolution) that I think is really well-done, even though his highly qualified attempt to give some credit to the White House makes me uncomfortable.