Do you believe in miracles, Karl Rove? Federal deficit falls to pre-crisis levels

For years we have been hearing how the federal budget deficit was ballooning even bigger than Jessica Simpson.

Now we have witnessed two miracles in our lifetime: Both Simpson and the budget no longer have to be buttered to fit through a doorway.

Jessica has Weight Watchers and the budget deficit has the Democrats.

Which the Republicans must find harder to swallow than a sauerkraut sandwich with mayo washed down with a chocolate milkshake.

The GOP long has been preaching that the Democrats are poor stewards of the economy, overseeing a period of sluggish growth and rising debt.

A false gospel, as it turns out.

The Treasury Department said today (yes, it actually does talk) that the federal budget deficit fell precipitously to $680 billion in the 2013 fiscal year from about $1.1 trillion the year before.

Even Humpty Dumpty didn’t have such a big fall.

In fact, that is the smallest deficit since 2008, and marks the end of a five-year stretch when the country’s fiscal gap came in at more than a trillion dollars a year.

Imagine: Something actually has gone right for President Obama, who has been mired in the worst slump since the 1962 New York Mets.

The report underscores the persistence, if not the strength, of the recovery after the worst economic downturn since the Great Depression.

Growth in tax revenue accounts for much of the decline in the deficit.

But increases in taxes and cuts in federal spending figure strongly too, as does a surprising — and surprisingly long — slowdown in the pace of health-spending growth.

Of course, I’m still waiting for the news to reach my personal bottom line, which still is lower than Jessica Simpson’s weekly grocery bill.


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