Obama Brings Deficits Down. Like the Republicans keep reminding us, it's his economy now.

Despite stimulus spending, Obama has done the impossible; he's reduced out deficit, just like previous Democratic presidents before him.

This is happening at a time when those living in the Republican World bubble think Obama is spending us into collapse. As reality clashes with conservative stupidity, a lite version of Keynesian economics is bringing America back anyway. Oh, and raising taxes helped lower the budget deficit instead of killing jobs and penalizing success.  Looks like we'll have to put off the armed revolt a few more months.

The Hill: The Congressional Budget Office on Tuesday projected a federal budget deficit of $845 billion in 2013, the first time it will have fallen below $1 trillion under President Obama.

The reduction in the budget deficit comes after Congress approved higher tax rates on households with annual income above $450,000. But the long-term forecast shows the fiscal-cliff deal that prevented higher tax rates on most households did little to help the nation’s long-term budgetary outlook. 

So who's given up more, and who continues to not notice. This is another reason for the "shrinking economy." It's call austerity. From the WP's Greg Sargent: