Behind Declining Deficits: Encouraging Trends in Health Care Spending

Updated budget projections from the Congressional Budget Office released yesterday show that the deficit this year is on track to be the smallest since 2008, the start of the recent recession, and that debt as a share of total economic output is stable over the decade-long budget window and actually declining over the next several years. Fast falling deficits aren’t themselves good news – macroeconomists estimate that federal belt-tightening over the last two years has shaved two...