There goes another GOP talking point: Deficit falls to lowest level since 2008

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chart maddow budget deficit 2013 shrinking

Steve Benen:

Republican leaders remain committed to sequestration cuts that are holding back job creation on purpose, and are focused primarily on spending bills that punish those already struggling.

Republicans have been screaming, whining, and demanding more spending cuts, despite the fact that austerity does not work:

And this from the IMF:

May 20 (Reuters) - The International Monetary Fund on Monday said the United States was getting carried away with a government austerity drive, offering some of the institution's bluntest criticism yet of Washington's rush to cut its budget deficit. [...] A drop in federal spending led the economy to barely expand in the fourth quarter of 2012.

Under President Obama's watch, the deficit has been shrinking, some economists say too quickly. But that doesn't stop the GOP from continuing to go all Anti-Obama on us and insisting that he's a big spender who needs to make even more cuts.

Let me put this in professional financial expert jargon: WTF?

Think Progress:

New Treasury Department figures confirm what the Congressional Budget Office (CBO) projected in the spring: the budget deficit for fiscal year 2013 will be dramatically lower than it was the past four years. [...]

These figures reinforce a key point in the argument for resetting the fiscal policy debate: Congress can afford to invest in job creation right now. While Republicans remain committed to the idea of austerity (without being able to pass specific appropriations bills that adhere to the abstract cuts imposed by sequestration), falling deficits and debt levels undercut their argument. [...]

Cuts to education programs, safety nets, infrastructure investments, and research programs will actually cost the country far more down the road than they save today.

another talking point bites the dust

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  • Sally

    Just think what Bush's deficit would have looked like had he actually put his wars on the books. And I do wish that just once, the GOP would overlook Obama's skin color, and their hatred, and work for the people paying their salaries (assuming Cantor allows them to be in DC more than a week out of four.)