Back to the Future: Prospective Deficits through the Prism of the Past
Approaching the halfway mark of fiscal year (FY) 1994, the Clinton administration’s first major piece of budget legislation — the Omnibus Budget Reconciliation Act of 1993 (OBRA93) — appears to be a smashing success. According to the Congressional Budget Office’s (CBO) January estimate, this fiscal year’s federal deficit will be some $64 billion less than forecasted before the legislation was passed.
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