Money Minute: Budget Deficit Shrinks; Obamacare Costs Less

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The nation's budget deficit could fall to less than half of what it was just a few years ago.

The Congressional Budget Office has revised its deficit estimate, mostly because military spending will be less than previously thought. It now projects the deficit will narrow to $492 billion this year. However, the CBO still projects the deficit will turn higher again in 2016.

The CBO report also takes a look at the cost of Obamacare, and finds it will be considerably less than expected. The government is expected to spend $165 billion less over the next 10 years than previously forecast. That's partly because many of the plans have been designed with a narrow list of doctor networks, with low rates of reimbursements.
As a result, the CBO now projects the increase in health care premiums will be slower than expected.

Of course, it's April 15 -- Tax Day, and no one likes to write a check to the IRS. But the wealthy seem especially unhappy this year. For the top 1 percent, the average tax bill will be more than $525,000. The Tax Policy Center says that's up $36,000 from last year, due to higher tax rates and limits on certain deductions.

If there's such a thing as social media jail, USAirways just got locked up. In response to a customer complaint, the company tweeted a response that included a racy picture. It took about an hour for the company to delete it, raising a bit of ruckus in the Twittersphere.

Here on Wall Street, the Dow Jones industrial average (^DJI) rallied 146 points yesterday, the Nasdaq composite (^IXIC) rose 23 and the Standard & Poor's 500 index (^GPSC) added 15 points.

Finally, Google (GOOG) has agreed to buy Titan Aerospace, the maker of solar-powered, high altitude drones that can fly for years at a time. The drones have the potential to bring internet access to millions of people in remote areas around the globe. It also collects images that could help Google maps.

-Produced by Drew Trachtenberg.


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165 Comments

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Adele Roberson

Grand total Debt "owned" by Reagan, Bush & Bush ..........................$12. 406 Trillion

There you have it - over 85% of the national debt is completely due to 3 Republican presidents.
This analysis is mostly from zFacts.
Data sources: Treasury Direct 1, Treasury Direct 2, Recovery.gov

April 16 2014 at 7:02 PM Report abuse rate up rate down Reply
Adele Roberson

Poor stupid posters on this site. They actually do think they have better information than DAILY FINANCE. Now that is an ego I would not want to have. All Republican Nutcakes - living in eternal denial.

April 16 2014 at 6:53 PM Report abuse rate up rate down Reply
dopey.obamite

Obamacare will cost less? Less than when? It was sold to us as being deficit neutral or revenue positive! The cost estimates have already been jacked up to ~$2 trillion.

Let's pop the friggin champagne y'all.

April 15 2014 at 10:05 PM Report abuse rate up rate down Reply
1 reply to dopey.obamite's comment
progressivehoax

It's Democrat math, started at 1 trillion, then it went up to 2 trillion, now it's 1.5 trillion so they saved 500 billion.

April 16 2014 at 8:58 AM Report abuse rate up rate down Reply
thomashollman19

This bull$hit article was contrived to shed a halo over the idiots that voted for this HEALTHCARE MONOPOLY in the first place .Now the voters will vote them out of office this fall and good ridense.In 2016 we get to flush the long overdue toilet of a whithouse / vote out the democrats that are spending the money of our grandkids / fumigate / start over

April 15 2014 at 8:14 PM Report abuse rate up rate down Reply
1 reply to thomashollman19's comment
teapartyisdying.uall

Reagan tripled our national debt and Bush doubled our national debt. They already spent our grandkids money.

April 16 2014 at 5:00 AM Report abuse rate up rate down Reply
3 replies to teapartyisdying.uall's comment
floatgod

SHrinking the budget means nothing (except to Democrats). Let's talk whe you shrink THE NATIONAL DEBT! Saying you just saved $1,000 while you put $10,000 more on your credit card, is the same as saying the Gov't shrank the budget. You must also consider WHAT YOU OWE!

April 15 2014 at 8:01 PM Report abuse rate up rate down Reply
Brickhead

buIL DIng AmERicA - ruDolpH knEw GoP MEmBER

lEtS C, Down ThE gOP Hall here Posters -
bUIld America FRom Top DoWn.
thATz a INvertED pEER a MId.

THIs IZ NOt ThE WAy GOp.
tRAsH THOsE poStirZ.

amERicA IZ a Top HeaVy dYsfUnCTionAl invERteD PyRAmiD
that buildZ fROm The Top DOWN.
ThE bAse IZ WeAk and America IZ weAk.

bUIld UP ThE bAsE aNd WoRk UP 2 The Top.

mUCh likE thOSe liTTlE gAtEs at THe boTTom oF thE elEctRiC HeiRArChy
thAT gEt FAsTEr anD ImpROvE thEIr pURr 4 Mance

So DuZ EVERYTHING aboVe.

sAtAn mAy Not B as GooD as u THink.
bLankenpoRk

April 15 2014 at 5:58 PM Report abuse -3 rate up rate down Reply
Brickhead

12 chIldren R ill with a nEw stRAin Of MenInGiTis.
sAtAnS strAin and spreads FAST
locAl 2 The Images Of SaTAn thAt SiT AtOp tHe sTAinEd rEd BARn
at 1215 RobErtSon TrAil, LUTz, Fl 33559.

The illness happened when one of the non US citizen WerKerS EmplOYeD at
1215 robertson trail, lutz, fl 33559 by UjEannE & cOmpanY
HAd conTAcT wiTh a CHilD.
pEdoPHilE WErkErS AT this Location all Funded by 207 Myrtle Ridge Road

SAtAns Image iZ fREe 2 FlEE hillSboRouGh EVERY nIGhT from
1215 robertson trail, lutz, fl 33559 and 207 myrtle ridge road, lutz, fl 33549
bcAuSE hE WAs InvItEd.

om E nUs pIKtuReS ShoWer U-TubE.

April 15 2014 at 5:58 PM Report abuse -2 rate up rate down Reply
2 replies to Brickhead's comment
dopey.obamite

Seal the borders. E verify. Done. Another brick to your head.

April 15 2014 at 10:13 PM Report abuse rate up rate down Reply
incompetentowebamaputz

THIS brain dead putz is what the DUMBocrats consider a 'spokesperson'...kinda says it all.

April 16 2014 at 12:41 AM Report abuse -1 rate up rate down Reply
Brickhead

WalmArt Iz/Was NOt Good bUsINESS 4 AmEricA.
WalmArt Was/Iz

GooD 4 WalmArt.

April 15 2014 at 5:57 PM Report abuse -1 rate up rate down Reply
Brickhead

i knEW Gop mERmbER mR. PreS
i SWinG bAck AnD FOrTH
lIke
pErpEtuAl
aZz WholE

April 15 2014 at 5:57 PM Report abuse -2 rate up rate down Reply
1 reply to Brickhead's comment
thomashollman19

BRCIKHEAD I think the brick is between your ears

April 15 2014 at 7:51 PM Report abuse +1 rate up rate down Reply
1 reply to thomashollman19's comment
progressivehoax

Don't put down bricks, they're a useful building material.

April 16 2014 at 9:00 AM Report abuse rate up rate down
kd485

"That's partly because many of the plans have been designed with a narrow list of doctor networks, with low rates of reimbursements." Just wait till people who bought these plans go to use them! Supprise!

April 15 2014 at 5:18 PM Report abuse rate up rate down Reply