From Greg Valliere at Potomac Research, a quick heads up on some news that will be coming later.
FRESH BUDGET ESTIMATES, set for release today, are likely to show continueddramatic improvement in the deficit over the next two or three years; the receipt and outlay trends are remarkable. We’ve been predicting this for over a year — and as it becomes more widely accepted, it’s time to look at one very big negative that accompanies this great story.
However, the budget news might make some budget hawks unhappy, as Valliere points out.
COMPLACENCY SETS IN: Exactly a year ago, it appeared likely that a modest change to the Cost of Living Adjustment would win enactment in 2013, imposing a very small reduction to most Social Security recipients and federal retirees — a foot in the door for entitlement reform. But that idea is totally dead; Democrats never liked it and Republicans are focusing almost exclusively on Obamacare.
The numbeers come out at 10 AM today. We’ll be covering.
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