Benchmark
The U.S. Budget Is in the Perfect Sweet Spot, But That's About to Change
America's interest bill may triple by 2023
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Lawmakers in Washington may not even realize how lucky they are, at least when it comes to public finances.
An accelerating economy is pushing up tax revenue from individuals and corporations. Even better, rock-bottom interest rates are helping keep the cost of federal borrowing in check. Receipts for the first half of fiscal year 2015 increased 7 percent from a year ago, according to a Congressional Budget Office estimate released Wednesday. And for the full fiscal year, the deficit will probably be 2.7 percent of gross domestic product, compared with 2.8 percent the previous year and a whopping 9.8 percent in 2009.