Final numbers for the fiscal year-ended in September
- Deficit was 3.5% of GDP compared to 3.2% in fiscal 2016
- Sept surplus of $8B compared to $6B expected
- Sept surplus compares to $33B last Sept
- Spending at all-time record
The big question, is whether the deficit is going to rise or contract in the year ahead. My guess is that a tax cut is more important to Congress than the deficit, despite years of preaching fiscal discipline.