A chart shows the U.S. federal government's spending and revenues, from 1965 projected forward to 2025.
Congressional Budget Office
January 26, 2015 The federal budget deficit will fall in 2015, the sixth consecutive year of decreases relative to the overall economy, according to new figures by the Congressional Budget Office.
February 4, 2014 The Congressional Budget Office says the federal budget deficit in fiscal 2014 will shrink to $514 billion — far less than it was at the height of the Great Recession. While the short-term outlook is a bit brighter, the CBO says there's still plenty to worry about in the long term.
President Obama holds a copy of "The New Economic Patriotism: A Plan for Jobs & Middle-Class Security," which outlines some of his agenda for a second term, during a rally in Richmond, Va., on Thursday.
Chip Somodevilla/Getty Images
October 26, 2012 The president has been relatively mum during the campaign about what he would do if given a second term. He outlined more specific ideas this week — but he hasn't explained how he would get those ideas through Congress.
April 14, 2011 Congress approved the $38 billion package of spending cuts. Now it goes to the White House for the president's signature.
April 14, 2011 The shutdown showdown was avoided with a last-minute agreement of which it was said it cut $38 billion. But the Congressional Budget Office said the actual net savings will be a fraction of that amount, just $352 million because a lot of the money would have been spent in future years.
President Barack Obama speaks about fiscal policy at George Washington University on April 12, 2011 in Washington, DC.
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April 13, 2011 President Obama delivered a much-anticipated address on his proposals for cutting the federal government's annual budget deficits and reducing the enormous, $14 trillion federal debt. Read through what he had to say.
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February 16, 2011 Alan Simpson, the former Republican senator, said the real fiscal threats are entitlements and defense spending, which should be cut, not programs for low-income Americans. He singled out a Defense Department health insurance program that costs taxpayers $53 billion annually.
January 26, 2011 In the past year, the nonpartisan Congressional Budget Office's forecast of the 2011 deficit has grown by about $500 billion.
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